So far, despite many predictions that there would be a housing “market crash” in the real estate industry as interest rates have been on an sharp uptick for awhile, it really hasn’t happened as of Sept. 2023. This graph from the NWMLS shows the average residential home price has had a correction of approximately -2.9% from Sept. 2022. The main reason for the stability in prices has been the lack of new home listing inventory. Even as high interest rates have forced many buyers out of the market, home listings numbers are down so many buyers who are still in the market have to face competing offers, keeping prices stable.
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