The reality is the market is down, but are we just getting back to normal?
The pandemic years of 2020-2021 were a strange time when everyone moved. Compare 2022 to any year before the pandemic, and you see a much less extreme decline.
#1 Compared to the recent historical average, transaction volume this year is down LESS THAN 1%.
A big indicator for the future housing market is demand for mortgage loans. The mortgage demand index shows that purchase demand hit a low, but has seen a recent uptick corresponding to dropping mortgage rates.
#2 The jump to over 7% shocked buyers. BUT NOW rates are in the 6% range, buyers have re-entered the market.
We seem to be simply getting back to normal.
If you want to move in 2023, you might enjoy a normal market 💛