January’s Median Sale Price of $385,000 was down 1.0% from December, marking the seventh consecutive month of price declines. Year over year, the January 2023 figure was just 1.3% higher than this same time last year – an indication home prices are moderating. At the same time, the number of homes for sale was 59.4% higher than a year ago in the report’s 51 metro areas, fed by a month-over-month increase in new listings of 39.8%. This month’s gain in new listings was higher than any month last year, with the biggest month-over-month increase in 2022 occurring in March with a gain of 27.7%. Even with the surge in new listings, home sales declined 26.7% from December and 35.2% year- over-year. “Home price appreciation seems to have stabilized, and along with additional inventory and longer average days on market, that’s good news for buyers,” said Nick Bailey, RE/MAX President and CEO. “Buyers have more choices, and more time to identify the right house and work with their agent to negotiate with the seller. All of these are positive signs, putting both buyers and sellers in a more balanced position.” RE/MAX agents across the U.S. are seeing signs of rebalancing in the U.S.

DENVER — The housing market decelerated throughout 2022 creating more opportunities for homebuyers, in stark reversal of the frenzied seller’s market of the previous year. The year’s most telling stats were punctuated in December: Home sales were down 38% from a year ago while the number of homes for sale was up 69% in the report’s 53 metro areas. Sales in every month of 2022 fell short of the previous year, with the percentage of decline starting out in single digits during the first quarter before topping 30% in the fourth quarter. The Median Sales Price of $385,000 was 1.3% higher year over year in December, compared to 13.9% higher year over year last January. “The past three years have each had a unique context – and 2022’s included quickly rising interest rates and the difficult year-over-year comparisons to the extremes of 2021. Ultimately, though, it was a fairly good year for home sales by historical standards,” said Nick Bailey, RE/MAX President and CEO. “Looking forward into 2023, the higher-interest rate environment clearly poses some challenges – but as buyers, sellers and agents recalibrate their expectations, sales will continue to occur. Demand hasn’t gone away. The question is which real estate