Housing Market Update For 2023: The housing market update is once a month and I’ll be referencing February data because it’s released in late March. The median sale price of a home in February was $386,527.
Housing Market Update
The housing market update is once a month and I’ll be referencing February data because it’s released in late March. The median sale price of a home in February was $386,527. This is down 10 percent from its peak nine months ago in May, but it’s important to factor in that there’s seasonality going on, so seasonality is contributing to this decline. When you compare February of this year to February of last year, home prices are down just 1.1 percent.
The number of homes sold is still at depressed levels compared to prior years. Yale economist Robert Schiller says that he expects home prices might get a little cheaper after another six months. Schiller believes that the economy will weaken and unemployment will go up. When that happens, fewer Americans will be looking to buy a home. Schiller says that in the spring, home prices will rise month over month, but they will still be down slightly when you compare year over year.
Rental Prices
Rental price growth has been slowing for five months straight, but from January to February, it started going back up again. Take a look at the median rents in the U.S.:
Arlington at $2,280 a month
DC at $8, San Diego at 7, Los Angeles at 6, San Jose at 5, Miami at $2,600 at 4, Jersey City at 3, Boston at 2, San Francisco at 1, and New York City at an average one-bedroom apartment of $3,550.
Average Size of New Apartments by Region
The smallest new apartments are in the Pacific Northwest at 776, while Texas and the South have an average size of 993.