Reflecting on the Rollercoaster that was 2023 in Real Estate
Posted by Patrick Hake on
What a year!
We saw rates climb consistently throughout the year to as high as 8%, only to fall back to the 6% range by the end of the year. Thank goodness.
We also saw the supply of homes remain very tight in the 1 to 2-month range, even as the rates climbed. As of this afternoon, we have 546 homes for sale in Placer County and 337 in contract. That is only 1.6 months of inventory!
Many homeowners were simply uninterested in leaving their existing low rates throughout the year. The good news is that with rates falling recently, we may see more homeowners willing to make a move after holding off the past year.
The biggest surprise of all for many of the experts was the increase in home prices, due to the lack of supply. The median home price…
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