National Association of Realtors Annual Report: Key Findings and Insights
The National Association of Realtors (NAR) has released its annual report on home buyers and sellers, providing valuable insights into the housing market. The report is based on a survey of transactions that occurred between July 2022 and June 2023, and it reveals some fascinating trends in home buying and selling behavior.
Higher Down Payments and Prices
According to the NAR report, people are buying homes with more money down and paying higher prices for them. In fact, cash buyers made up 20% of the home buyers in the report. This can be attributed to lower deposit rates during the period, which made it more sensible for buyers to use cash for home purchases.
Local Trends Coincide with NAR Report
Patrick Groner Jr., the president of the board of directors for the Greater Erie Board of Realtors, believes that many trends in the NAR report coincide with those in local areas, such as Erie and Crawford counties. This is due to macroeconomic conditions like high interest rates and inflation.
Stability in the Erie Market
Groner explains that Erie has always been a stable community, meaning that it does not experience extreme highs or lows. This stability allows the market to be less affected by peaks and troughs, as is the case with the trends identified in the NAR report.
Median Home Sale Price
In the region, the median home sale price is around $180,000. Groner does not anticipate prices going down anytime soon, considering the current economic conditions.
Effects of Rising Certificate of Deposit Rates
With the recent increase in certificate of deposit (CD) rates for prospective home buyers, Groner believes that there will be fewer cash transactions until rates lower. This may impact the overall trends observed in the housing market and should be monitored closely by industry professionals.
Read more in Your Erie.
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