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Real Estate Market Update September 2023

    The national sales of pre-owned homes have recently experienced a decline, reaching the lowest point in seven months. This can be attributed to the significant increase in borrowing costs, the rise in sales prices, and the limited availability of homes for sale. As a result, many potential buyers are being deterred from entering the market. Borrowers have become increasingly sensitive to fluctuations in mortgage rates, which have remained consistently above 7% since mid-August. Consequently, the number of buyers capable of affording homeownership has decreased, leading to a 0.7% month-over-month decrease and a 15.3% year-over-year decrease in existing-home sales, as reported by the National Association of REALTORS®(NAR).

    To download detailed reports for Lucas & Wood Counties click here.