NAR reports 0.3% increase in June pending home sales
The National Association of Realtors announced pending home sales increased 0.3% in June 2023 when compared to May 2023.
NAR also expects home sales to decrease 12.9% nationally from 2022 to 2023, settling at 4.38 million, before climbing 15.5%, to 5.06 million in 2024.
NAR’s June 2023 pending home sales numbers by region include:
- Northeast — 0.6% increase
- Midwest — 4.3% increase
- South — 1.4% decrease
- West — 1% decrease
“The recovery has not taken place, but the housing recession is over,” said Lawrence Yun, NAR chief economist. “The presence of multiple offers implies that housing demand is not being satisfied due to lack of supply. Homebuilders are ramping up production and hiring workers.”
Stock photoNAR reports lower number of first-time home buyers
The National Association of Realtors found the average percentage of first-time home buyers in the market has dropped from 40% to 26%.
While the percentage has dropped off, the organization also reported that the average age in the first-time home buyer category has risen from between 28 and 33 to 36.
According to NAR’s report, a variety of factors have played into these numbers, including:
- Low housing inventory with nearly 1 million units in the market
- Higher interest rates are pricing some consumers out
- Rising home prices
Another obstacle NAR found for this age group is the inability to save for a down payment due to higher costs or debt, such as:
- High rent
- Car loans
- Credit card debt
- Student loans
- Child care costs
NAR also found that 27% of successful first-time buyers skipped rent and moved directly from a family member’s home into home ownership.
Photo providedElyse Reilly Teachout joined Berkshire Hathaway HomeServices C. Dan Joyner Realtors as a sales associate in the company’s Midtown office.
Photo providedJennifer Johns joined Marchant Real Estate as a Realtor.
She has experience in property management as well as VRBO/Airbnb rentals.
Johns is a graduate of Winthrop University.
