Jessica Luatz, joins us from Chicago at the REATLORS® Leadership Summit. Jessica is a Deputy Chief Economist and Vice President of Research for the National Association of REALTORS® She has updated information on the housing market.
There are many reasons to purchase a home right now, despite current mortgage rates and limited housing inventory. In fact, according to the National Association of REALTORS®:
- The construction of single-family homes reached an 11-month high in May 2023 and many are selling at near pre-pandemic levels due to the abundant inventory.
- The median existing-home price for all housing types in May was $396,100, a drop of 3.1% compared to a year ago ($408,600).
- While mortgage rates are significantly higher than last year, they are still considered historically low and have remained relatively steady.
What’s more, home ownership continues to be a catalyst for Americans to build generational wealth. Over the past decade, the median-priced home in the U.S. gained nearly $200,000 in value, making the typical homeowner 40-times wealthier than if they had remained a renter.
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