Average close price fell slightly from December (1.5%) but was 3% ahead of January 2022 as buyers and sellers jumped back into the market. Like the start of last year, the January market gained momentum each week as we saw an increase of 65% new listings and 51% more under contract. Many investors who purchased in late-2022 after prices dropped & are listing flipped “move-in ready” homes now are benefitting from high buyer demand.

Average close price fell 3% from November as buyer activity slowed over the holidays and homes were on the market 26% longer. While active inventory saw a 24% drop from the previous month, it is up 222% from the record low at this time last year. Interest rates closed the year at 6.42% (per Freddie Mac) after breaking the 7% threshold in the second week of November.

Home prices held strong and remained relatively flat, despite a seasonal slowdown with inventory down 14% and days on market up 21%. Still working through both sides of a market adjustment, average list price held relatively flat while homes closed even more below list price. While trending downward the past few months, inventory is up 178% from this time last year and there are great homes available for purchase.