Monday Market Update: How Housing Concluded In 2023

January feels like a long month… so long in fact that you may be shocked to hear it was 2023 just 22 days ago! The local and national real estate association are just finalizing their data and reports from last year, and today we wanted to share infographics from both the California Association of Realtors (CAR)® and the National Association of Realtors (NAR)®. These charts provide a summary of where median home prices, inventory levels and prices have landed as we kick-off 2024. Here you go!

On a national level, you will see that seasonal lows and likely rates seemed to impact those December sales, as year-over-year and month-over-month numbers reflected fewer homes sold. Year-over-year however, the sales prices were up over 4%! 

On a state level, sales mirrored low levels and median prices also improved year-over-year. As you’ll see, California inventory is even lower than national inventory, with only 2.5 months (a balanced market is typically 5-6 months). 

If you’d like to see some local data, be sure to visit the San Mateo County Association of Realtors® or the Santa Clara County Association of Realtors® or your local housing organization, and of course note that micro market trends vary greatly within each region.

On a ‘big picture’ level, most of the data confers that even when sales and prices vary from month to month, the year-over-year trends still show prices going up, equity improving and inventory struggling. 2024 just may have a lot to offer! 

Have a great start to the week!

Bobbi

Bobbi Decker
DRE#00607999

Broker Associate, Bobbi Decker & Associates
650.346.5352 cell
650.577.3127 efax
www.bobbidecker.com
NAR Instructor….“Designations Create Distinctions”
CIPS, SRS, ABR, CRS, SRES, GRI, CLHMS, REI, AHWD, RSPS, MSLG

Bobbi Decker & Associates fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. For more information, please visit: http://portal.hud.gov/