An Early Look At January 2023 Home Buying Activity


An Early Look At January 2023 Home Buying Activity
By Scott Rogers • February 1, 2023
Contract activity slowed considerably in the fourth quarter of 2022 compared to the fourth quarter of 2021... Oct- Dec 2021 = 383 contracts signed Oct - Dec 2022 = 230 contracts signed That's a 40% decline in contract activity! Those higher mortgage interest rates seemed to finally make an impact in the fourth quarter last year. As a result, one of the indicators I am watching closely this year is contract activity in 2023. The graph above shows the number of contracts signed in January for each of the past five years including 2023. Here's what we find... 17% decline from 2022* 31% decline from 2021* 8% decline from 2020 11% increase from 2019 So, all in all, I'm not overly surprised, disappointed or concerned about the 93 contracts signed in January 2023. I expected we would see fewer contracts signed than in the past two to three years when super low interest rates and Covid's impact on the real estate market were driving record amounts of home buying activity. It's encouraging to see that where were more contracts signed in in January 2023 than in January 2019. It will be interesting to see how things continue to track as we move through the rest of the first quarter of 2023. Receive Updates by Email Recent Articles:** Is There A Price You WOULD Pay For This House? There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 22, 2024 (unless otherwise noted).
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