###### National news and local views for the week ending **Friday, June 23, 2023**  Christopher Simpson ###### Some great information from our friends at List Reports. Locally here in Muskegon we are seeing multiple offers become a “thing” again. Inventory is still low especially in the less than $200K price point which is keeping home prices high. #### National Real Estate News ##### Selling fast Existing home sales were flat in May at an annualized pace of 4.3 million units. This is NOT the spring selling season we were hoping for. But look a bit deeper, and it’s clear that demand is high: the average home spent just 18 days on the market before it was sold, and there were an average of 3.3 offers for every house sold in May. And that’s overall…many individual cities are much, much hotter.  ##### Rates stay near 7% The Fed’s ‘skip’ (not hiking rates in June) should have been good news for the bond market and mortgage rates. The big drop in headline CPI (consumer prices) and PPI (producer prices) in May should have been good news too. But commentary from some Fed members (more rate hikes to come OR no rate cuts to come anytime soon) plus big inflation numbers in Europe have helped keep mortgage rates high.  ##### Busy and bullish Builders are officially bullish. The National Association of Homebuilders’ sentiment index just jumped above 50 for the first time since July 2022 (which was when home prices peaked nationwide). Why so excited? Because the low inventory of existing homes for sale is pushing buyers to newly constructed homes. Housing starts jumped 22% MoM to 1.63 million (annualized), the highest figure since April 2022.  #### Local Market Trends ###### As of **Friday, June 23, 2023**  Christopher Simpson Here you can enhance your area’s housing market data with your own insights and commentary! Area Median Price Active Listings New Listings – 5 days Median Days on Market 49442 $147,450\-0.1% 440% 11 20\-0.5% 49441 $330,0000.1% 430.2% 5 27\-0.1% 49444 $115,0000.2% 510.4% 3 380.2% 49445 $319,9000% 231.1% 1 250.3% Local Market Trends (/) from May. to Jun. 2023.  Christopher Simpson Nexes Realty Inc 880 Broadway Ave. Muskegon, Mi 49441 License #6501423161 * * *  Questions about these articles or the state of your local market? Get in touch! 231-215-7229 [email protected]   ©ListReports 2023, all rights reserved. This information is from third-party sources and its accuracy cannot be guaranteed. * * *
