Mortgage rates hit a 22-year high

Not the best news for homebuyers: mortgage rates rose to 7.23%; median listing prices increased by 1.1%; new listings dropped by 5.7%; and the average time on market for a listed home increased by 4 days.

So what’s the good news? While the average time on the market increased – for the 57th week in a row year over year –  this increase is less than in 2022.

The hope is that Fall 2023 will see more movement.

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