DECEMBER 2023
REAL ESTATE NEWSLETTER
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November 2023 Real Estate Recap - The Good, The Bad, and The Ugly
November 2023 was a Seller's Market!
Recently, the real estate market has shown signs of change. November witnessed a 7% increase in new home listings nationwide, marking a shift from previous stagnation. Additionally, the Federal Housing Financing Agency (FHFA) is revising its loan limit guidelines, raising them to approximately $766,000 nationally, with some counties potentially seeing limits up to $1.1 million. These adjustments are designed to better align with median incomes. Meanwhile, interest rates have started to decrease, sparking more activity in the market. Despite this positive trend, some regions continue to face a shortage of available homes, a persistent issue over the past three years. The market is experiencing more homes transitioning from active to pending status than new listings appearing.
REAL ESTATE MARKET NEWS
People are feeling a bit hopeful because the interest rates have gone down a little – they were about 7.2% at the start of December 2023, compared to 7.8% in October 2023, and if they keep going down, it will be good for the whole market. But there are not many homes for sale right now, so the prices are still going up, and they are 4.6% higher than they were in November 2022.
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REAL ESTATE TIPS
INVESTOR CORNER
LIST OF VETTED CONTRACTORS
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EVENTS AND HIGHLIGHTS OF DECEMBER
If you have any questions or comments you would like answered in next month's newsletter, email me at [email protected] and they will be included in the next market update.
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