According to the latest RE/MAX National Housing Report, home prices are showing signs of moderation. The median sale price in January was $385,000, which is a 1% decrease from December, marking the seventh consecutive month of price declines. Compared to the same time last year, the January 2023 figure was only 1.3% higher.

The report also revealed that there was a significant increase in the number of homes for sale, with a 59.4% rise from the previous year in the 51 metro areas analyzed. This surge was driven by new listings, which saw a month-over-month increase of 39.8%, the highest seen in 2022.

However, despite the increase in inventory, home sales declined by 26.7% from December and 35.2% year-over-year. The report also showed that homes sold for an average of 3% less than the asking price, with an average Close-to-List Price Ratio of 97% in January.

RE/MAX President and CEO, Nick Bailey, believes that the stabilization of home price appreciation, coupled with the increase in inventory and longer average days on market, is good news for buyers. Real estate agents have also noticed signs of rebalancing in areas such as New York and Denver.

If you’re in the market to buy a home, now could be an excellent opportunity. Please contact me, and we can assess what you qualify for. NMLS# 1457997