“For the first time in 10 months, all the statistics I look at are trending positively.” – Compass CEO Robert Reffkin, CNBC.
Last week, Robert Reffkin was on CNBC’s Closing Bell to share his outlook on the real estate market and the initial positive signs we are seeing in 2023 (click here to watch the full segment). For the first time in 10 months, all of the statistics he looked at were trending positively.
- There was a 25% increase in weekly mortgage applications two weeks ago, and an additional 7% increase this past week.
- Mortgage rates continue to move down to 4-month lows.
- There’s an increase in buyer interest, open house traffic, and offers.
- In the last quarter of 2022, 42% of sellers were giving concessions to buyers at the closing table, a 10-year high.
- Home builder sentiment improved for the first time in 1 year.
- Pending closings were down 30+% at points in the fall, but over the last few weeks we have seen pending listings in most of our markets nearly flat year over year.