Market Update - May 2023 - with Amit Baruch of New American Funding
At the beginning of April, there were just over 8,000 active listings in the MLS.
This is up more than 70% from a year ago…
… and is also up just over 10% from the end of February.
Even with these gains, we still only have roughly six weeks of inventory.
This is well below the four to six months of inventory that most industry experts agree is a balanced market.
Overall, prices are still down approximately 7½ percent from a year ago as the market reacted to the big jump in interest rates.
Typically, low inventory means that prices rise, but that has simply not been the case for the last year or so.
We had a brief period, last month, where average interest rates dropped below 6% and there was a surge in sales.
Most experts agree that interest rates should stabilize and even come down a bit over the next six months. As the interest rates decline, I believe that home prices will stabilize.
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Amit Baruch and I have been friends in and out the real estate industry for over 20 years. He is a first rate lender and a great person! His mortgage lending office recently set up an in-house podcast studio with all of the bells and whistles and Amit invited me up to Kirkland to do a podcast! This was a combined "Yay!" and "Oh Shit!" experience for me as I've never done anything like this before. Fortunately for me, I had my friend Amit there to walk me through it. Just like he does with home loans, he helped make a very complicated thing into a simple thing. I hope you enjoy the podcast. Please let us know what you think of it in the comment section below.
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Here is Amit's contact information:
Amit Baruch
New American Funding Sales Manager / Loan Consultant
NMLS# 505319
Cell: 206-786-9999
Fax: 425-465-8000
Email: Amit.Baruch@nafinc.com
12220 113th Ave NE #120
Kirkland, WA 98034
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