The State of the Real Estate Market: May 2023 Update

As we head into the middle of 2023, the real estate market continues to show signs of growth and stability. Here are some key updates on the state of the market:

Home prices are rising, but at a slower pace: According to recent data, home prices across the country have continued to rise, but at a slower pace than in previous years. This is good news for buyers who have been struggling to afford homes in a competitive market.

Inventory remains low: Despite the slower pace of price increases, the number of homes available for sale remains low in many areas. This means that buyers are still facing tough competition, and sellers are often receiving multiple offers on their properties. 

Interest rates are holding steady: The Federal Reserve has indicated that interest rates are likely to remain stable for the foreseeable future. This is good news for buyers, as it means that mortgage rates are likely to remain affordable

New construction is on the rise: Developers are responding to the demand for housing by building new homes and apartments in many areas. This is providing additional options for buyers and helps to ease some of the inventory constraints.

Overall, the real estate market continues to show strength and resilience in the face of challenges. Buyers and sellers alike should remain optimistic as we head into the summer months.