State of the housing market: March 2023

Although the recent collapses of Silicon Valley Bank and Signature Bank have many people thinking back to the financial crisis of 2008, current data and economists are still optimistic.

‍US GDP rose by 2.7% in the fourth quarter of 2022, while the unemployment rate has been holding steady at a notably low 3.6% since March 2022. Even if there is a recession, market analysts have been predicting since last year that it will be relatively short and mild.

The housing market is stable at the moment.

• According to Realtor.com, the national median list price grew from $406,000 in January to $415,000 in February.
  
  
• Even though the number of pending listings fell by 24.7% in February compared to the same time last year, the trend is leveling off. Back in January, the year-over-year drop was 32.1% while December’s was 36.8%.

• According to data from Zumper, the national median rent for one-bedrooms remained constant from January to February at $1,492. At $1,824, two-bedroom median rent increased by 0.1%.

• Single-family housing starts in February were at a rate of 830,000, up 1.1% from the revised January figure of 821,000.

• The National Association of Home Builders reports a builder sentiment index of 44, up two points from the previous month. This shows a slow but encouraging recovery in confidence in the market for newly built single-family homes.

More housing headlines

Biden says ‘our banking system is safe’ amid Silicon Valley Bank fallout – The Hill

February’s job report is especially positive for rental housing – Forbes

Three million U.S. households making over $150,000 are still renters – The Wall Street Journal‍