By David Schlichter
The real estate market feels like what the weather has been lately: not too hot, not too cold, sudden intense bursts of activity, and the occasional intense storm! In spite of the fluctuating conditions, there's a little something for everybody in this market.
Month-over month (MOM) the real estate market got stronger with 10.5% more listings closed in May than in April, though year-over-year (YOY) sales volume was down 26.2%. Prices are up 2.8% MOM, but prices are down 2.4% YOY.
This up/down theme sums up well how things are going in real estate--things are stronger than where they were earlier in the year, but weaker than they were compared to the same time last year.
In the second half of last year the market cooled off incredibly rapidly when interest rates rose rapidly, and we are hoping that won't happen again this year as we don't expect a dramatic increase in mortgage interest rates in 2023.