Despite lower buyer demand, many anticipated home prices to plummet this year, but that prediction has not come to fruition due to a shortage of available homes on the market. If you were one of the individuals hoping for a price drop by "waiting it out," it's time to reconsider. Compared to the same period last year, the first quarter of 2023 saw a decrease of approximately 7% in the number of new single family home listings, while the number of sales remained relatively steady with an 8% increase year over year. If this trend persists, inventory is likely to become even more scarce. Although there is hope for a surge in listings during the spring and summer months, it will take a substantial influx of homes to have a significant impact on the market and bring about a notable drop.
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