Mr. Market Flexes His Muscles: 2023 Housing Market’s Marvelous Mash-up
2023 Housing Highlights
- Lowest mortgage rates ever left homeowners giddy and stock brokers sulking. Okay, maybe not sulking, more… brooding?
- Inflation cooled off like a popped balloon at an outdoor summer party. Or think of it as that one drink that’s been left with too much ice. Yeah, not so fun now, right?
- Supply and demand continued their fun game of hide and seek, mostly hiding. It’s as if they’re playing the childhood game, and it’s past their bedtime, but they don’t want the game to end.
Redfin’s Year in-Review Report
- Our good friends at Redfin gave the down-low on real estate’s latest John Grisham-esque thriller: 2023. Grab that popcorn!
A Hot Take To Serve Up with Your Morning Coffee
Well, buckle up my future homeowner friends and real-estate enthusiasts, 2023 threw quite a shindig for us. As we unplait this tangled mass of fluctuating mortgage rates, lazy inflation, and a seemingly never-ending game of hide and seek with supply and demand, let’s take a minute to appreciate the pure drama of it all. I mean, we’ve got more plot twists than a soap opera right here!
Mortgage rates hit the dance floor and shattered their previous low record—cha-ching! Look, if they were any lower, we’d be underground. And inflation? That puppy decided to go for a breather, much like that uncle at a party who, after a couple of drams, just needs a little lie-down. Quite a pleasant reprieve for those who got a little hot under the collar with all the rate roulette.
However, supply and demand played coy, treating the market like their personal game of Cluedo. Ah, it’s charmingly infuriating, like when your grandma beats you at monopoly for the hundredth time, and you’re left thinking, “how in the world?!”
So there you have it, folks, 2023’s colourful real estate circus. But hey, that’s the charm of real estate: It’s never boring and always keeps those engaged in the industry on their toes. Some years you’re the juggler, other years you’re the trapeze artist—flying high or balancing many elements, the key is simply to stay in the ring!
So let’s raise a toast to the surprising 2023, a year that served up a hefty cocktail of record lows, cool-offs, and playing hard-to-get global economy-style. It’s the perfectly mixed jigsaw puzzle that becomes an exciting mystery, and we’re all detectives in this constantly evolving real estate game!
Original article: https://www.redfin.com/blog/housing-market-year-in-review-2023/
