
Embracing Imperfection
July 18, 2023
Boise real estate market sees slight uptick amid high rental prices and shrinking inventory
July 19, 2023Homes selling near record high again as supply shortage worsens
July 17, 2023
By Morgan Henney
U.S. home prices surged again in June to a near record high, reflecting a worsening inventory shortage that has pushed many would-be homebuyers out of the market.
Median home prices jumped 1.9% in June from the previous month, hitting $426,056, according to a new report from real estate brokerage firm Redfin. Home prices are now down just 0.6% from where they were one year ago and down 1.5% from the record high hit in May 2022.
“Today’s housing market is extraordinary; it feels hot even though there are very few homes changing hands,” Redfin chief economist Daryl Fairweather said.
That is largely due to a lack of available homes for sale.
Sellers who locked in a low mortgage rate before the pandemic began have been reluctant to sell with rates continuing to hover near a two-decade-high, leaving few options for eager would-be buyers. See More.
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