August 2023 Real Estate Market Update

Lawrence Yun, Chief Economist for the National Association of Realtors, stated in his latest report that the housing recession is over, but the recovery has not taken place.

Housing inventories remain at historic lows, down 13.6% nationally from even last year’s low levels.  Buyer demand is there, however, as evidenced by multiple offers on many homes for sale – but more inventory for sale is needed.  Home buyers are faced with limited choices, higher home prices and higher mortgage rates.  

There may be some relief coming with consumer price inflation coming close to the Federal Reserve’s desired conditions and mortgage rates are topping.   As rates come down later this year it could lead to a rush of buyers this year into next.  

June Real Estate Statistics 2023 vs 2022:

            Closed Sales                             Median Sales Prices                 Homes for Sale

Nassau         -21.3%                                           -4.0%                                 -31.2%

Queens         -35.4%                                           -5.3%                                 -14.5%

*Statistics One Key MLS

The June 2023 real estate statistics in comparison to June 2022 show a notable decrease in closed sales for both Nassau and Queens, with Nassau experiencing a decline of 21.3% and Queens a larger drop of 35.4%. Median sales prices also saw a reduction, with Nassau experiencing a 4.0% decrease and Queens with a slightly larger decrease of 5.3%. Additionally, the number of homes available for sale in both regions saw a significant drop, with Nassau having 31.2% fewer homes for sale and Queens with a decrease of 14.5%. These statistics, sourced from One Key MLS, provide insights into the changing dynamics of the real estate market in June 2023 compared to the same period in 2022.