ERC Summary Appraisal Report
Existing-home sales reversed a 12-month slide in February, registering the largest monthly percentage increase since July 2020, according to the National Association of Realtors. Month-over-month sales rose in all four major U.S. regions. All regions posted year-over-year declines, according to the report released today.
Between January 2023 and February 2023, closed regional sales transactions, including residential, condo, and co-op sales, decreased to 2,988 from 3,621, representing a 17.50% decline. Across the region, pending sales transactions rose in a month-over-month comparison, reaching 3,974 in February, 23.30% more pending transactions than the 3,224 reported in January.
While any astute real estate professional will tell you it's nearly impossible to time the real estate market, there is one week that is most likely to get home sellers the best possible outcome, according to Realtor.com. Nationally, homeowners who list the week of April 16-22, 2023 will hit the sweet spot in terms of the best combination of higher prices, fewer homes to compete against, faster sales time and strong buyer demand.
The President, in a televised address, said that deposits in SVB and Signature were safe and customers would have access to their money starting Monday and no losses would be borne by taxpayers. However, management of both institutions have been replaced. The Wall Street Journal reports that Biden will ask Congress and banking regulators to strengthen the rules for banks, to “make it less likely this kind of bank failure would happen again.”
The U.S. supply of homes for sale rose at a record annual pace for the sixth month in a row, up 67.8% year-over-year in February, signaling the housing market's continued rebalancing, according to the most recent Realtor.com® Monthly Housing Trends Report. Despite the significant increase in inventory over last year's record lows, home prices are still growing, albeit at a slower pace of 7.8% over last February, a sign of still-high hopes from home sellers entering the market.
Pending home sales improved in January for the second consecutive month, according to statistics released today by the National Association of Realtors. All four U.S. regions posted monthly gains but saw year-over-year drops in transactions.
The Pending Home Sales Index improved 8.1% to 82.5 in January. Year-over-year, pending transactions dropped by 24.1%. An index of 100 is equal to the level of contract activity in 2001.