Why Are Homes FLYING Off the Market? Spring Home Buying Season 2023

Home sales are increasing from the fall as 2023 looks to be a stronger year compared to how 2022 ended. New home prices are up 12.5% in Las Vegas and 3% nationally. The lack of inventory has kept home prices from falling substantially.

Mortage interest rates have fallen in the last few weeks as the 10 year treasury note has a lower interest rate than it did just last month. Also the number of homes sales are increasing nationally, up 2% from the previous month and 3% more people applied for mortgages that the week prior.

The 5 year real estate forecast looks good since we are already through most of the pain of the housing market crash, which never really happened. The housing outlook for the rest of 2023 looks to be positive although it is likely home prices will start to adjust lower in the fall as they do every year.

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