Listen on the Real Estate Out Loud Podcast!
In this blog, Leigh and Rob Delve Into:
- Units sold at the COVID low point to now.
- Price Points
Last time we chatted, I said we were above the COVID low. So, now we are exactly 20,000 units above the COVID low.
We were at 4,070,000 units having sold when COVID first kicked off.
We are 4,090,000 units now. It definitely tanked for December, which we had expected, due to seasonality.
Despite ongoing concerns about a potential real estate market crash, the current data shows that the market remains stable. The national price point currently sits at $370,700, only a $4,000 decrease from the previous month. This small dip in price can be attributed to seasonality and is not necessarily indicative of a market crash. It's important to consider that the market has seen a gradual decline in housing prices since early 2022, but even with this decline, the market has remained relatively steady.
We are seeing home sales slow down which makes sense due to affordability, but prices are still hanging in there. During what is known around our office as " the COVID Sugar High", we definitely got inflated prices at that point.
Price points are beginning to look more normal again even though they remain above pre-pandemic levels. We are still above that, but we are seeing the prices gradually work their way back down.
As Leigh mentions, the interesting thing about the drop in price points is the houses going down in price are the lower-priced houses.