How is the spring housing market? Ashley Fahey, an editor at The National Observer: Real Estate Edition, shared an article called “How the 2023 spring housing market is shaping up” which included interviews with the leadership team at Meridian Pacific Properties.
Highlights from the article include:
- The median U.S. home sale price fell 3.3% in March, to $400,528, Redfin Corp. (Nasdaq: RDFN) found, which is the largest annual drop since 2012.
- Places that were white-hot during the early days of the pandemic saw the biggest declines.
- But some markets are bucking the trend and actually seeing steep price increases in their listings, Realtor.com found.
- Smaller markets that have historically been more affordable are seeing some of the more notable increases.
Quotes from the real estate experts at Meridian from the article:
“It’s peculiar to see the market fluctuating so much and how volatile mortgage rates are changing demand for houses on a weekly basis. The market is seeing a lot of stops and starts, more so than we normally do. We’ll have three times as many sales (as is normal) one week, then it’s quiet, then three times as many sales the next week.”
- Kent Coykendall, president at San Marcos, California-based Meridian Pacific Properties
“It’s a contrast from a year or so ago, when builders like Meridian Pacific Properties were essentially taking orders for 18 months. We weren’t even manning model houses and the orders came in. Now, we have a professional team manning open houses, we’re getting into the presale business … We’re really growing up as a retail homebuilder and seller, in a normalized market.”
- Kent Coykendall, president at Meridian Pacific Properties
“There’s a schizophrenic nature to the market right now, thanks to rapid, unpredictable movement in the mortgage market.”
- Brian Conlon, director of business development at Meridian Pacific Properties
This article was written by Ashley Fahey – Editor, The National Observer: Real Estate Edition. It was originally published on Apr 24, 2023. Here is a link to the full article on The Business Journals’ website: https://www.bizjournals.com/bizjournals/news/2023/04/24/spring-housing-market-shaping-up.html