United States Housing Market

housing market

United States Housing Market Overview

What is the housing market like right now?

In January 2023, U.S. home prices were up 1.4% compared to last year, selling for a median price of $383,001. On average, the number of homes sold was down 33.5% year over year and there were 275,440 homes sold in January this year, down 414,320 homes sold in January last year. The national average 30 year fixed rate mortgage rate is at 6.3% and up 2.8 points year over year.

U.S. Housing Supply

Are there enough homes for sale to meet buyer demand?

In January 2023, there were 1,322,569 homes for sale in the United States, up 21.0% year over year. The number of newly listed homes was 376,419 and down 17.2% year over year. The median days on the market was 52 days, up 24 year over year. The average months of supply is 3 months, up 2 year over year.

U.S. Housing Demand

How competitive is the market?

In January 2023, 21.2% of homes in the U.S. sold below list price, down 21.2 points year over year. There were only 17.4% of homes that had price drops, up from 7.0% of homes in January last year. There was a 97.8% sale-to-list price, down 2.6 points year over year.