Don’t Expect a Price Drop in Home Prices in 2023
EXPECT AN INCREASE OF 1% IN THE NATIONAL MEDIAN NEXT YEAR INSTEAD
THE CURRENT MARKET
While elevated rates, sluggish sales, and high inflation have taken a toll, it’s unlikely home prices will drop next year. In fact, we may see a further uptick; home prices are holding steady for most parts of the country since inventory is extremely low.
MORTGAGE RATES
Housing inventory is about a quarter of what it was in 2008, with distressed property sales at just 2% and nowhere near the 30% mark seen during the crash. There are signs that mortgage rates have topped out at 7%. One example is the October consumer price index, which shows inflation is rising less than expected.
Leonardo and Angelica,
PREDICTIONS
Home sales are expected to decline by 7% in 2023. However, 2024 is expected to result in a strong rebound, with a projected increase of 10% in home sales and a 5% increase in the national median home price. Prices should hold firm or marginally grow.
Plenty of potential buyers are still patiently waiting to enter the market. Talking with your neighborhood experts to develop a plan to stay ahead of the curve will result in the best sale possible. Call us today at 713-557-7095 to get the conversation started.
Auburn Lakes www.Aub urnLakesLiving.com REAL ESTATE MARKET REPORT RE/MAX Integrity | 19510 Kuykendahl Road Spring, TX 77379 | 281-370-5100 JANUARY 2023 PRESENTED BY 713-557-7095 REALTORS® and NEIGHBORS GET CURRENT LISTINGS, MARKET ACTIVITY, HOME ASSESSMENTS, AND MORE AT WWW.AUBURNLAKESLIVING.COM
Source: NAR’s Lawrence Yun
PREPARED ESPECIALLY FOR Leonardo and Angelica Washington
Auburn Lakes | Auburn Lakes estates
HOMES CURRENTLY PENDING IN YOUR AREA
Allow us to invest our ambition and expertise toward the successful sale of your house while also providing an exceptional service experience. Contact us to start the conversation at 713-557-7095, and let our marketing work for you!
HOMES RECENTLY SOLD IN YOUR AREA
Published by REAL Marketing (RM) | www.REALMarketing4You.com | 858.952.4280 | ©2023 Call Us Today: 713-557-7095 REALTORS® and NEIGHBORS | Sold@RubenandNancy.com | www.AuburnLakesLiving.com Ruben & Nancy Villarreal, The Villarreal Team, and RE/MAX Integrity are not in any way affiliated with Auburn Lakes Owners Association, nor is this in any way an official advertisement or publication of Auburn Lakes. © 2023 All rights reserved. This representation is based on sales and data reported by multiple brokers/agents to the HARMLS between July 20th and December 8th, 2022. Listings and sales may not be those of RE/MAX Integrity. The HARMLS does not guarantee the accuracy of this data, which may not reflect all the real estate activity in the area. E&OE covered. This market report is not intended to solicit properties already listed for sale nor intended to cause a breach of an existing agency relationship. *Estimated square feet rounded down to nearest hundred. HOMES CURRENTLY LISTED IN YOUR AREA STATUS STREET NAME EST. SQ. FT. * BEDS BATHS LIST PRICE LIST MONTH SUBDIVISION Active Pearl Crest Lane 5,100 5 5.1 $1,395,000 July Auburn Lakes Estates Active Carrick Bend Drive 4,100 4 3.1 $617,500 October Auburn Lakes Retreat Active E Titan Springs Drive 4,300 5 4.0 $635,000 October Auburn Lakes Retreat
STATUS STREET NAME EST. SQ. FT. * BEDS BATHS LIST PRICE LIST MONTH SUBDIVISION Pending Preston Grove Drive 2,800 4 2.1 $450,000 November Auburn Lakes Reserve
STATUS STREET NAME EST. SQ. FT. * BEDS BATHS LIST PRICE SOLD PRICE SOLD MONTH SUBDIVISION Sold Montay Bay Drive 3,400 5 3.1 $515,000 $512,500 November Auburn Lakes Sold Honeycrest Lane 2,800 4 3.0 $450,000 $450,000 August Auburn Lakes Sold Pennwell Drive 5,000 4 5.1 $1,195,000 $1,175,500 November Auburn Lakes Estates Sold Thorton Knolls Drive 5,300 5 5.1 $1,299,000 $1,267,500 November Auburn Lakes Estates Sold Pennwell Drive 3,600 4 3.0 $915,000 $920,000 August Auburn Lakes Estates Sold Green Gable Manor 4,100 5 4.1 $1,500,000 $1,600,000 July Auburn Lakes Estates Sold Northcrest Drive 4,400 5 3.1 $657,500 $630,000 November Auburn Lakes Reserve Sold Honeycrest Lane 3,000 4 2.1 $425,000 $425,000 September Auburn Lakes Reserve Sold Honeycrest Lane 3,000 4 2.1 $470,000 $475,000 August Auburn Lakes Reserve Sold Redwood Terrace Lane 4,000 5 3.1 $625,000 $650,000 July Auburn Lakes Reserve Sold Auburn Bend Drive 4,000 4 4.0 $625,900 $618,000 November Auburn Lakes Retreat Sold Birdseye Maple Lane 3,500 4 3.1 $614,900 $632,000 October Auburn Lakes Retreat Sold Carrick Bend Drive 4,500 5 4.0 $750,000 $745,000 August Auburn Lakes Retreat
MARKET REPORT
you would like your home professionally marketed and featured in our publication, which is mailed to hundreds of potential buyers every month, call us at 713-557-7095. INVENTORY IS LOW, AND WE HAVE MOTIVATED, WELL-QUALIFIED BUYERS LOOKING FOR THEIR NEXT DREAM HOME IN AUBURN LAKES! CALL US TODAY TO DISCUSS HOW WE CAN DELIVER STRONG RESULTS AND THE PERFECT BUYER.
If
NOW PENDING | OFFERED AT $395,000 25027 KNOB PINES COURT PRESENTED BY THE VILLARREAL TEAM Exceptional • Professional Online Marketing • Marketed to the Top Real Estate Websites • Invaluable Expertise of Auburn Lakes • Vast Network of Agents and Repeat Referrals • Professional Staging & Home Preparation Services • Professional Photography and Video • Marketing and Negotiation Specialists • Direct Mail Exposure to Qualified Buyers THE VILLARREAL TEAM’S KEYS TO SUCCESS Leonardo and Angelica,
