As we head into the 4th quarter, 2023 is shaping up to be another year favorable for sellers and difficult for buyers, with under 4 months supply on hand.

Sales declines exceed inventory declines, but there are enough buyers in the market to continue to drive up prices. The median price of a home in October was over 6% higher than last year. Housing affordability suffers, especially as mortgage rates are still challenging for many. When rates fall significantly, we may see more inventory, alleviating the pressure on market. Long term, we need to build more homes to satisfy our growing state’s demand.