Housing report shows new trends from December 2023
NASHVILLE, Tenn. (WKRN) — Real estate activity in December is typically the opposite of the summertime when many buyers are on the hunt for their new home. However, December 2023 proved to show different results.
A new December housing report shows new trends for the final month of 2023.
There were more newly listed homes in December 2023 compared to the previous year. That number was up by 9.1%. There also wasn’t a large drop in inventory decline, according to the data. It sat at a modest 5.5%, which is atypical.
Realtor: Potential interest rate cut already bringing buyers back
As a whole, December 2023 showed a more stable trend compared to 2022.
“What I think happened in 2022, or what I know happened, is people saw that rise in interest rates that happened very swiftly in the late summer and early fall, and there was a sense that, ‘Hey, if I’m going to sell, we don’t know where these rates are going to go, and I better get my house on the market now with some urgency,’ regardless of your seasonal slowdown,” said Jeff Checko, a relocation director with Remax Advantage.
Homes also moved quicker than before while they were on the market. The report showed homes generally spent 61 days on the market – that’s about four days shorter than December 2022 and about two weeks shorter than before the pandemic.
Checko said many sellers and builders are now getting the memo.
“I think your overly proud sellers and builders now have data, real data that they have to respond to, meaning look at my colleagues and my neighbors that have decided to say, ‘I’m going to be realistic and competitive in this higher-interest rate climate.’ Well clearly that’s now the playbook, so lets go ahead and do what’s necessary to move the asset.”
Here’s Checko’s advice to those currently looking for a home.
“Getting out there and shopping now before the competition becomes more rampant is the wise move. If you really want a house that you enjoy living in, now’s the time to do it between now and April, or you may be forced into a position where you’re going to make more compromises than you would have to right now.”
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