NAR reports 60% of metro areas saw home price gains in Q2 2023
The National Association of Realtors announced single-family-home sale prices climbed in 60% of metro areas nationwide as 30-year fixed mortgage rates swung between 6.28% and 6.71%.
While home prices were up in the second quarter, NAR found the national median single-family existing-home price dipped 2.4% to $402,600 when compared to the quarter in 2022.
NAR’s Q2 2023 home sales numbers by region include:
- Northeast — 3.2% increase
- Midwest — 1.4% increase
- South — 46% increase
- West — 5.8% decrease
“Home sales were down due to higher mortgage rates and limited inventory,” said Lawrence Yun, NAR chief economist. “Affordability challenges are easing due to moderating and, in some cases, falling home prices, while the number of jobs and incomes are increasing. Just like the weather, large local market variations exist despite the minor change in the national home price.”
Stock photoHome staging may increase home value by up to 10%
The National Association of Realtors reported that staging a home may increase its value by 1% to 10% when comparing the sales of homes that are not staged.
Staging a home can include decluttering rooms, painting interior walls white and incorporating a few decorative accessories.
NAR spoke with Connecticut-based stager Regina Leahy of Simply Staged who decluttered a home and saw the sales price increase from $699,000 to $772,000. This staged home received multiple offers on the first weekend it was listed and sold for $805,000.
Photo providedKristy Yates joined Berkshire Hathaway HomeServices C. Dan Joyner Realtors as a sales associate in the company’s Anderson office.
She has more than 24 years of experience in sales.
Yates also has a photography business.
Photo providedStacey Wilson joined Marchant Real Estate as office administrator.
She oversees much of the administrative operations of the firm, supporting the needs of both the company as a whole and individual agents.
Wilson has more than two decades of experience in the real estate experience, health care, banking and service industries.
