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The Real Estate Market Update – February 2023

Buyers and sellers are again maneuvering an ever-changing and fast-moving real estate market. Our goal is always to couple our expert insight with leading institutions’ perspectives on the trends that we can expect in local real estate market in Vermont and New Hampshire the months ahead. Here is our full news summary for the month.

1) Pending sales of US homes rose for the first time in more than a year, climbing 2.9% in December, the first month-over-month increase since October 2021.

2) The Federal Reserve raised rates by a quarter of a point, a less aggressive move than previous rate hikes, but said “ongoing” increases were warranted. Despite this, mortgage rates continue to trend lower. The 30-year fixed rate stood at 6.09%, a four-month low.

3) Inflation has moderated significantly over the past six months; The Consumer Price Index declined 0.1 percent in December. The all-items index increased 6.5 percent for the 12 months ending December; this was the smallest 12-month increase since October 2021; inflation is slowing.

4) The Mortgage Bankers Association reported a 25% increase in weekly mortgage applications for the last week of January 2023.

5) Listing prices ticked up 8.1% year over year to a national median of $400,000 in January 2023, continuing the trend of slowing home price appreciation, as the graph below illustrates.

While national home prices deflated slightly in the second half of 2022, the real story varies significantly by market. Only some regional markets have seen price declines, while others have remained flat or booked modest gains.

The best way to keep a pulse on a dynamically evolving market is to work with a trusted real estate advisor and a proven long-time market leader. In 2022 Higgerson Team closed over $46,000,000.00 in residential sales volume with an average sales price of $1.3 million. We are the local experts in the Hanover, New Hampshire and Woodstock, Vermont real estate market.

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