October 12, 2023
This month’s market update, to steal a line from Yogi Berra, is like déjà vu all over again. Very little has changed since September’s update. Rates remain at their highest levels in more than 23 years, inventories remain stubbornly low, and buyer demand is relatively strong despite the high rates.
The last two days have brought hotter-than-expected inflation data, putting pressure on the FED to continue their rate hikes despite pausing at September’s meeting. According to the recently released Fed minutes, they expect at least one more hike and a more extended period of high rates. There are some troubling economic signs (rapidly shrinking personal savings and record-high credit card debt exceeding $1 Trillion) that don’t get much coverage but could point to tougher times ahead, as the high gas, food, and shelter prices are taking their toll. Many households are running out of savings and relying on credit cards to survive.
Inventories are expected to remain very low for the foreseeable future until we get some rate relief. As I mentioned in last month’s update, most people are “rate-locked” in their current homes and unwilling to sell them. The current high-rate environment is expected to last at least through Q1 of 2024, so I don’t expect to see any meaningful increase in inventories for quite a long time.
Buyer demand is still healthy, but buyers remain picky when purchasing a home. Homes in good condition that are nicely updated are selling much quicker than homes that require work. Pricing a house correctly in this market is very important, as overpriced homes tend to sit on the market for extended periods and sell for less.
Stay up to date on the latest real estate trends.
October 17, 2025
Loving Work Through Caring Leadership
October 16, 2025
Blending Modern Design with Lasting Value
October 11, 2025
Reasons to Choose a Boutique Brokerage
October 10, 2025
Financing options for investors
October 8, 2025
Autumn events and activities
October 3, 2025
How to Thrive Without Burning Out
October 1, 2025
Key steps to maximize your savings
September 25, 2025
Strategies to protect client interests
September 24, 2025
Top spots for fall fun with the family
Have questions about buying or selling a home? Our experienced and friendly Realtors® are here to help you.