Marin: September 2023 Market Stats

Generally speaking, the market rebounded much more strongly in 2023 than seemed possible at the end of 2022, when, after hitting historic peaks during the pandemic boom, economic and demand indicators hit their lowest points since the great recession. The decline in the number of sellers putting their homes on the market continues to be an enormous factor in the balance – or imbalance – between supply and demand, in the recovery in home prices, and the decline of overall sales volumes. 

In August, the average, weekly, 30-year mortgage rate, as published by FHLMC, ticked back up over 7%, a situation that continues to significantly impact housing affordability. Perhaps in response, the percentage of buyers paying all cash has generally been running at its highest national level in 8 years. Stock markets were relatively volatile in August. 

After the usual summer slowdown from spring, the autumn selling season began after Labor Day and runs until early-mid November, when the market typically begins its big, mid-winter holiday slowdown. By Thanksgiving, the number of new listings coming on the market has plummeted, and December commonly sees by far the lowest level of monthly sales activity, as defined by listings going into contract. 

In the meantime, we expect to see substantial activity this fall. September often sees a considerable jump in new listings coming on the market.