January’s Median Sale Price of $385,000 was down 1.0% from December, marking the seventh consecutive month of price declines. Year over year, the January 2023 figure was just 1.3% higher than this same time last year – an indication home prices are moderating.

At the same time, the number of homes for sale was 59.4% higher than a year ago in the report’s 51 metro areas, fed by a month-over-month increase in new listings of 39.8%. This month’s gain in new listings was higher than any month last year, with the biggest month-over-month increase in 2022 occurring in March with a gain of 27.7%.

Even with the surge in new listings, home sales declined 26.7% from December and 35.2% year- over-year.

“Home price appreciation seems to have stabilized, and along with additional inventory and longer average days on market, that’s good news for buyers,” said Nick Bailey, RE/MAX President and CEO. “Buyers have more choices, and more time to identify the right house and work with their agent to negotiate with the seller. All of these are positive signs, putting both buyers and sellers in a more balanced position.”

RE/MAX agents across the U.S. are seeing signs of rebalancing in the U.S. housing market.

Carissa Sargent of RE/MAX of Cherry Creek in Denver, CO noted, “The housing market is bouncing back, and we are seeing some multiple offer scenarios again – but with better balance for buyers than we’ve seen over the past few years.” And on the East Coast, Jeffrey Decatur of RE/MAX Capital in Albany, NY noted he’s seeing some similar patterns. “Even though interest rates are up in comparison to the past few years, buyers have been out in full force in 2023. Home prices have increased in our area over the past year despite the rates, and buyers have come to terms with it. They’re jumping in with both feet to realize the benefits of homeownership.”

Reflecting price declines, the average Close-to-List Price Ratio in January was 97%, meaning that homes sold, on average, for 3% less than the asking price. There has been a gradual decline in this metric since May 2022, when sellers were getting 3% over asking price on average. Homes sold in January were on the market 48 days – one day longer than in December and 12 days longer than one year ago.

Highlights and local market metrics for January include:

New Listings
Of the 51 metro areas surveyed in January 2023, the number of newly listed homes is up 39.8% compared to December 2022, and down 5.1% compared to January 2022. The markets with the biggest decrease in year-over-year new listings percentage were San Francisco, CA at -28.0%, Indianapolis, IN at -25.0%, and San Diego, CA at -23.9%. Leading the year-over-year new listings percentage increase were Dover, DE at +45.9%, Nashville, TN at +45.2%, and Philadelphia, PA at +45.0%.

Closed Transactions
Of the 51 metro areas surveyed in January 2023, the overall number of home sales is down 26.7% compared to December 2022, and down 35.2% compared to January 2022. The markets with the biggest decrease in year-over-year sales percentage were Honolulu, HI at -49.4%, Las Vegas, NV at -48.4%, and Anchorage, AK at -47.4%. No metro area had a year-over-year sales percentage increase in January.

Median Sales Price – Median of 51 metro area prices
In January 2023, the median of all 51 metro area sales prices was $385,000, down 1.0% compared to December 2022, and up 1.3% from January 2022. The markets with the biggest year-over-year decrease in median sales price were Bozeman, MT at -6.6%, Honolulu, HI at -6.3%, and San Francisco, CA at -5.6%. Two metro areas increased year-over-year by double-digit percentages, Milwaukee, WI at +13.7% and Indianapolis, IN at +11.3%.

Close-to-List Price Ratio – Average of 51 metro area prices
In January 2023, the average close-to-list price ratio of all 51 metro areas in the report was 97%, down from 98% in December 2022, and down from 100% in January 2022. The close-to-list price ratio is calculated by the average value of the sales price divided by the list price for each transaction. When the number is above 100%, the home closed for more than the list price. If it’s less than 100%, the home sold for less than the list price. The metro areas with the lowest close-to-list price ratio were Miami, FL at 93%, Bozeman, MT at 95%, followed by a tie between Las Vegas, NV and New Orleans, LA at 96%. The highest close-to-list price ratios were in Burlington, VT and Hartford, CT tied at 101%.

Days on Market – Average of 51 metro areas
The average days on market for homes sold in January 2023 was 48, up one day from the average in December 2022, and up 12 days from the average in January 2022. The metro areas with the lowest days on market were Baltimore, MD at 17, followed by a three-way tie between Dover, DE, Philadelphia, PA, and Washington, DC at 20. The highest days on market averages were in Des Moines, IA at 75, Seattle, WA at 70, and Bozeman, MT at 69. Days on market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months’ Supply of Inventory – Average of 51 metro areas
The number of homes for sale in January 2023 was down 6.7% from December 2022 and up 59.4% from January 2022. Based on the rate of home sales in January 2023, the months’ supply of inventory was 2.0, down from 2.5 compared to December 2022, and increased compared to 1.1 in January 2022. In January 2023, the markets with the lowest months’ supply of inventory were a three-way tie between Albuquerque, NM, Manchester, NH, and Seattle, WA at 0.9. The markets with the highest months’ supply of inventory were Bozeman, MT at 3.7, and Miami, FL at 3.6, followed by a tie between Houston, TX and San Antonio, TX at 3.2.

DENVER — The housing market decelerated throughout 2022 creating more opportunities for homebuyers, in stark reversal of the frenzied seller’s market of the previous year. The year’s most telling stats were punctuated in December: Home sales were down 38% from a year ago while the number of homes for sale was up 69% in the report’s 53 metro areas.

Sales in every month of 2022 fell short of the previous year, with the percentage of decline starting out in single digits during the first quarter before topping 30% in the fourth quarter. The Median Sales Price of $385,000 was 1.3% higher year over year in December, compared to 13.9% higher year over year last January.

“The past three years have each had a unique context – and 2022’s included quickly rising interest rates and the difficult year-over-year comparisons to the extremes of 2021. Ultimately, though, it was a fairly good year for home sales by historical standards,” said Nick Bailey, RE/MAX President and CEO. “Looking forward into 2023, the higher-interest rate environment clearly poses some challenges – but as buyers, sellers and agents recalibrate their expectations, sales will continue to occur. Demand hasn’t gone away. The question is which real estate professionals have the skills, experience, resources and adaptability to provide the guidance consumers will continue to need.

“As strong believers in the advantages of homeownership, we think the ongoing market rebalance is actually a good thing. It’s putting buyers and sellers on more equal footing, which is refreshing after so many years of sellers having the upper hand. Sellers still have a strong position, but buyers are gaining more power in what’s likely one of the largest financial transactions of their lives. With mortgage rates and home prices appearing to stabilize, and with the dramatic increase we’ve seen in the number of homes for sale, both buyers and sellers have reason to be optimistic as we head into the new year.”

Mark Wolfe, Broker/Owner of RE/MAX DFW Associates in Coppell, TX expects the market to continue to improve over time.

“We saw the beginning of some stabilization at the end of 2022, and I am hopeful we are reaching a normal market.”

As in October and November, the average Close-to-List Price Ratio in December was 98%, meaning that homes sold, on average, for 2% less than the asking price. The ratio peaked at 103% in April and May compared to 100% in December 2021.

December inventory was down 12.2% from November but grew month-to-month in six of the last nine months.

Other notable metrics include:

• New listings recorded 2022’s largest month-to-month decline of 25.2% and finished 15.1% lower than a year ago.
• Homes sold in December were on the market for an average of 47 days. That was 10 more days than one year ago.
• December’s 2.5 months supply of inventory was unchanged from November but more than double the 1.2 of one year ago.

Highlights and local market metrics for December include:

New Listings
Of the 53 metro areas surveyed in December 2022, the number of newly listed homes is down 25.2% compared to November 2022, and down 15.1% compared to December 2021. The markets with the biggest decrease in year-over-year new listings percentage were Des Moines, IA at -43.6%, Phoenix, AZ at -39.7%, and Los Angeles, CA at -38.6%. Leading the year-over-year new listings percentage increase were Trenton, NJ at +44.2%, Philadelphia, PA at +39.9%, and Dover, DE at +38.3%.

Closed Transactions
Of the 53 metro areas surveyed in December 2022, the overall number of home sales is down 1.4% compared to November 2022, and down 38.2% compared to December 2021. The markets with the biggest decrease in year-over-year sales percentage were Las Vegas, NV at -52.3%, Anchorage, AK at -49.5%, and Dover, DE at -48.9%. No metro area had a year-over-year sales percentage increase in December.

Median Sales Price – Median of 53 metro area prices
In December 2022, the median of all 53 metro area sales prices was $385,000, down 2.3% compared to November 2022, and up 1.3% from December 2021. The markets with the biggest year-over-year decrease in median sales price were San Francisco, CA at -5.1%, Los Angeles, CA at -4.7%, and Honolulu, HI at -4.3%. Four metro areas increased year-over-year by double-digit percentages, Manchester, NH at +17.7%, Fayetteville, AR at +12.3%, Indianapolis, IN at +11.8%, and Omaha, NE at +10.2%.

Close-to-List Price Ratio – Average of 53 metro area prices
In December 2022, the average close-to-list price ratio of all 53 metro areas in the report was 98%, flat compared to November 2022, and down from 100% compared to December 2021. The close-to-list price ratio is calculated by the average value of the sales price divided by the list price for each transaction. When the number is above 100%, the home closed for more than the list price. If it’s less than 100%, the home sold for less than the list price. The metro areas with the lowest close-to-list price ratio were New Orleans, LA at 94%, Miami, FL at 95%, and Coeur d’Alene at 96%. The highest close-to-list price ratios were Burlington, VT at 103% and Hartford, CT at 101%.

Days on Market – Average of 53 metro areas
The average days on market for homes sold in December 2022 was 47, up eight days from the average in November 2022, and up 10 days from the average in December 2021. The metro areas with the lowest days on market were Baltimore, MD at 19, Philadelphia, PA at 21, followed by a three-way tie between Dover, DE, Trenton, NJ, and Washington, DC at 22. The highest days on market averages were in Fayetteville, AR at 77, Bozeman, MT at 75, and Seattle, WA at 72. Days on market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months’ Supply of Inventory – Average of 53 metro areas
The number of homes for sale in December 2022 was down 12.2% from November 2022 and up 69.0% from December 2021. Based on the rate of home sales in December 2022, the months’ supply of inventory was flat at 2.5 compared to November 2022, and increased compared to 1.2 in December 2021. In December 2022, the markets with the lowest months’ supply of inventory were a tie between Albuquerque, NM and Trenton, NJ at 1.0, followed by a five-way tie between Baltimore, MD, Hartford, CT, Manchester, NH, Seattle, WA, and Washington, DC at 1.2.

DENVER — The housing market decelerated throughout 2022 creating more opportunities for homebuyers, in stark reversal of the frenzied seller’s market of the previous year. The year’s most telling stats were punctuated in December: Home sales were down 38% from a year ago while the number of homes for sale was up 69% in the report’s 53 metro areas.

Sales in every month of 2022 fell short of the previous year, with the percentage of decline starting out in single digits during the first quarter before topping 30% in the fourth quarter. The Median Sales Price of $385,000 was 1.3% higher year over year in December, compared to 13.9% higher year over year last January.

“The past three years have each had a unique context – and 2022’s included quickly rising interest rates and the difficult year-over-year comparisons to the extremes of 2021. Ultimately, though, it was a fairly good year for home sales by historical standards,” said Nick Bailey, RE/MAX President and CEO. “Looking forward into 2023, the higher-interest rate environment clearly poses some challenges – but as buyers, sellers and agents recalibrate their expectations, sales will continue to occur. Demand hasn’t gone away. The question is which real estate professionals have the skills, experience, resources and adaptability to provide the guidance consumers will continue to need.

“As strong believers in the advantages of homeownership, we think the ongoing market rebalance is actually a good thing. It’s putting buyers and sellers on more equal footing, which is refreshing after so many years of sellers having the upper hand. Sellers still have a strong position, but buyers are gaining more power in what’s likely one of the largest financial transactions of their lives. With mortgage rates and home prices appearing to stabilize, and with the dramatic increase we’ve seen in the number of homes for sale, both buyers and sellers have reason to be optimistic as we head into the new year.”

Mark Wolfe, Broker/Owner of RE/MAX DFW Associates in Coppell, TX expects the market to continue to improve over time.

“We saw the beginning of some stabilization at the end of 2022, and I am hopeful we are reaching a normal market.”

As in October and November, the average Close-to-List Price Ratio in December was 98%, meaning that homes sold, on average, for 2% less than the asking price. The ratio peaked at 103% in April and May compared to 100% in December 2021.

December inventory was down 12.2% from November but grew month-to-month in six of the last nine months.

Other notable metrics include:

• New listings recorded 2022’s largest month-to-month decline of 25.2% and finished 15.1% lower than a year ago.
• Homes sold in December were on the market for an average of 47 days. That was 10 more days than one year ago.
• December’s 2.5 months supply of inventory was unchanged from November but more than double the 1.2 of one year ago.

Highlights and local market metrics for December include:

New Listings
Of the 53 metro areas surveyed in December 2022, the number of newly listed homes is down 25.2% compared to November 2022, and down 15.1% compared to December 2021. The markets with the biggest decrease in year-over-year new listings percentage were Des Moines, IA at -43.6%, Phoenix, AZ at -39.7%, and Los Angeles, CA at -38.6%. Leading the year-over-year new listings percentage increase were Trenton, NJ at +44.2%, Philadelphia, PA at +39.9%, and Dover, DE at +38.3%.

Closed Transactions
Of the 53 metro areas surveyed in December 2022, the overall number of home sales is down 1.4% compared to November 2022, and down 38.2% compared to December 2021. The markets with the biggest decrease in year-over-year sales percentage were Las Vegas, NV at -52.3%, Anchorage, AK at -49.5%, and Dover, DE at -48.9%. No metro area had a year-over-year sales percentage increase in December.

Median Sales Price – Median of 53 metro area prices
In December 2022, the median of all 53 metro area sales prices was $385,000, down 2.3% compared to November 2022, and up 1.3% from December 2021. The markets with the biggest year-over-year decrease in median sales price were San Francisco, CA at -5.1%, Los Angeles, CA at -4.7%, and Honolulu, HI at -4.3%. Four metro areas increased year-over-year by double-digit percentages, Manchester, NH at +17.7%, Fayetteville, AR at +12.3%, Indianapolis, IN at +11.8%, and Omaha, NE at +10.2%.

Close-to-List Price Ratio – Average of 53 metro area prices
In December 2022, the average close-to-list price ratio of all 53 metro areas in the report was 98%, flat compared to November 2022, and down from 100% compared to December 2021. The close-to-list price ratio is calculated by the average value of the sales price divided by the list price for each transaction. When the number is above 100%, the home closed for more than the list price. If it’s less than 100%, the home sold for less than the list price. The metro areas with the lowest close-to-list price ratio were New Orleans, LA at 94%, Miami, FL at 95%, and Coeur d’Alene at 96%. The highest close-to-list price ratios were Burlington, VT at 103% and Hartford, CT at 101%.

Days on Market – Average of 53 metro areas
The average days on market for homes sold in December 2022 was 47, up eight days from the average in November 2022, and up 10 days from the average in December 2021. The metro areas with the lowest days on market were Baltimore, MD at 19, Philadelphia, PA at 21, followed by a three-way tie between Dover, DE, Trenton, NJ, and Washington, DC at 22. The highest days on market averages were in Fayetteville, AR at 77, Bozeman, MT at 75, and Seattle, WA at 72. Days on market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months’ Supply of Inventory – Average of 53 metro areas
The number of homes for sale in December 2022 was down 12.2% from November 2022 and up 69.0% from December 2021. Based on the rate of home sales in December 2022, the months’ supply of inventory was flat at 2.5 compared to November 2022, and increased compared to 1.2 in December 2021. In December 2022, the markets with the lowest months’ supply of inventory were a tie between Albuquerque, NM and Trenton, NJ at 1.0, followed by a five-way tie between Baltimore, MD, Hartford, CT, Manchester, NH, Seattle, WA, and Washington, DC at 1.2.

Current mortgage and refinance rates

Accurate as of 12/21/2022.

Product Interest rate APR
30-year fixed-rate 6.352% 6.468%
20-year fixed-rate 5.896% 6.042%
15-year fixed-rate 5.636% 5.819%
10-year fixed-rate 5.181% 5.372%
7-year ARM 6.194% 6.568%
5-year ARM 5.825% 6.460%
3-year ARM 2.340% 3.371%
30-year fixed-rate FHA 5.530% 6.339%
30-year fixed-rate VA 5.580% 5.871%

DENVER — November begins a stretch of four months with typically the lowest home sales of the year – including December, January and February – and this November followed suit. Seasonality was just one factor contributing to November’s 12% drop in home sales from October in the report’s 53 metro areas as fluctuating interest rates and ongoing economic uncertainty weigh on the market.

“We’ve been seeing a return to a more balanced market, where not just sellers are in the driver’s seat. Sellers and buyers are each able to negotiate, with neither having a built-in upper hand,” said Nick Bailey, RE/MAX President and CEO. “This is especially good news for long-suffering buyers, who are still dealing with affordability issues. Buyers welcome having more choice as there are more homes on the market, and they are taking longer to sell. More good news for buyers: prices are flattening and actually decreasing in some markets. Things may bounce around a bit longer, especially into the first half of 2023, but it seems like the market is shaking off the last vestiges of the 2021 overheating. Balance seems to be returning – as it usually does.”

Added RE/MAX Gold Manager and REALTOR® Angelo Gallo, who is based in Cupertino, CA, “After several years of what can only be considered abnormal selling and buying seasons, it seems the nine Bay Area counties are starting to experience a more normalized market. Yes, inventory levels have increased, and sales are down, but we must ask ourselves, ‘Compared to what?’ We are now seeing the market return to pre-pandemic levels. That’s not a bad thing. Balance has returned to the Bay Area real estate market, and this is healthy for all consumers.”

New listings tumbled 21.4% from October – reaching their lowest point of the year ­­– as home sellers saw the Median Sales Price drop to $394,000. That was 1.3% less than October though still 3.7% higher than November 2021. The average Close-to-List Price Ratio in November was 98%, meaning that homes sold, on average, for 2% less than the asking price. The ratio was 101% a year ago and flat compared to October 2022.

Other notable metrics include:
• Homes sold in November were on the market for an average of 39 days. That was four more days than in October and a full week more than in November 2021.
• November’s 2.5 months supply of inventory was up from 2.3 in October and more than double the 1.2 of one year ago.
• Though the fourth-highest year-to-date total, November’s 2.5 months supply of inventory was down 5.9% from October following month-to-month inventory increases of 3.9% in September and 2.9% in October.

Highlights and local market metrics for November include:

New Listings
Of the 53 metro areas surveyed in November 2022, the number of newly listed homes was down 21.4% compared to October 2022, and down 14.3% compared to November 2021. The markets with the biggest decrease in year-over-year new listings percentage were Phoenix, AZ at -33.4%, Portland, OR at -32.3%, and San Francisco, CA at -29.8%. Leading the year-over-year new listings percentage increase were Washington, DC at +25.7%, Baltimore, MD at +24.7%, and Dover, DE at +15.7%.
Closed Transactions
Of the 53 metro areas surveyed in November 2022, the overall number of home sales was down 12.0% compared to October 2022, and down 37.0% compared to November 2021. The markets with the biggest decrease in year-over-year sales percentage were Bozeman, MT at -55.1%, Las Vegas, NV at -53.6%, and Salt Lake City, UT at -50.2%. No metro area had a year-over-year sales percentage increase in November.
Median Sales Price – Median of 53 metro area prices
In November 2022, the median of all 53 metro area sales prices was $394,000, down 1.3% compared to October 2022, and up 3.7% from November 2021. The markets with the biggest year-over-year decrease in median sales price were Des Moines, IA at -4.2%, San Francisco, CA at -1.7%, and Pittsburgh, PA at -1.0%. Five metro areas increased year-over-year by double-digit percentages, led by Fayetteville, AR at +19.6%, Omaha, NE at +12.2%, and Orlando, FL at +11.6%.
Close-to-List Price Ratio – Average of 53 metro area prices
In November 2022, the average close-to-list price ratio of all 53 metro areas in the report was 98%, flat compared to October 2022, and down from 101% compared to November 2021. The close-to-list price ratio is calculated by the average value of the sales price divided by the list price for each transaction. When the number is above 100%, the home closed for more than the list price. If it’s less than 100%, the home sold for less than the list price. The metro areas with the lowest close-to-list price ratio were a tie between Coeur d’Alene, ID and Miami, FL at 95%. The highest close-to-list price ratios were Burlington, VT at 102%, followed by a four-way tie between Hartford, CT, Manchester, NH, Richmond, VA, and Trenton, NJ at 101%.
Days on Market – Average of 53 metro areas
The average days on market for homes sold in November 2022 was 39, up four days from the average in October 2022, and up seven days from the average in November 2021. The metro areas with the lowest days on market were Baltimore, MD and Dover, DE, tied at 15, followed by Philadelphia, PA at 17. The highest days on market averages were in Fayetteville, AR at 72, Seattle, WA at 62, and Bozeman, MT at 59. Days on market is the number of days between when a home is first listed in an MLS and a sales contract is signed.
Months’ Supply of Inventory – Average of 53 metro areas
The number of homes for sale in November 2022 was down 5.9% from October 2022 and up 48.7% from November 2021. Based on the rate of home sales in November 2022, the months’ supply of inventory increased to 2.5 compared to 2.3 in October 2022, and increased compared to 1.2 in November 2021. In November 2022, the markets with the lowest months’ supply of inventory were Manchester, NH at 1.0, followed by a tie between Albuquerque, NM and Trenton, NJ at 1.1.

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