Home sales were down in 2023. It wasn’t like 2009 when houses languished on the market. Homes that were put on the market sold quickly in 2023. In fact, for most of the year, there was less than a 2-month supply of homes for sale.
The higher interest rates caused homeowners to want to stay put. There are always people who need to sell. They relocate for work or the homeowner dies or sometimes retirees decide to unload second homes or rental properties that they own.
Speaking of rental properties, rents fell slightly in 2023. Maybe 2024 will be a better year for renters.
In 2011 the local housing market hit rock bottom in home sales and prices. There were 2999 home sales that year. There were 2737 in 2023, which appears to be a record low.
The data used to make the chart is from the NorthstarMLS deemed reliable but not guaranteed.
