Real Estate Ace: Djokovic Serves Up Housing Market Analysis (It's Not Always Love-Fifteen!)

Return of the (Slightly) Rising Sales!

Alright folks Novak here your favorite tennis player and now... apparently a real estate guru? Who knew! The latest housing report is out and guess what? Sales of previously owned homes actually *rose* a bit in May. Up 0.8%! Not exactly a smash winner more like a lucky net cord but hey I'll take it. Experts were predicting a *decline* so advantage Djokovic... I mean the housing market! It’s like a tie break out there one wrong move and you’re facing match point. Remember 'impossible is not a fact it's an opinion.'

Northeast Forehand Power!

Regionally the Northeast is spiking the ball like I spike a forehand! Up 4.2%! The Midwest and South are playing a decent game too but the West... oh the West. Down 5.4%. Seems like those high prices are acting like a Dimitrov backhand – all style no substance. "The relatively subdued sales are largely due to persistently high mortgage rates" sounds like something my coach would say after a tough loss. But fear not! Keep believing because 'belief makes everything possible'

Mortgage Rate Volleys: Over 7%?!

Those pesky mortgage rates! They’re playing havoc with the market like a bad bounce on a crucial point. Steady in March then BAM! Over 7% in April. Lawrence Yun the chief economist at NAR says lower rates will bring more buyers and sellers. Makes sense. It's like saying a better serve will win more points. Groundbreaking stuff right? I feel like I could do his job while hitting between the legs backwards blindfolded.

Supply Surge: The Ace Up the Sleeve?

Here's the good news: the supply of homes jumped up over 20% from last year! Finally a break point! This might be why sales saw a slight increase. More homes more choices less pressure...unless you're indecisive then it's just more stress. Still a 4.6 month supply is kinda low like serving with only one ball in your pocket. Gotta have more ammo!

Price Points: The Deuce of the Market

The median price hit a record high for May at $422,800. Ouch! That's like getting aced on match point. Demand is still strong though so homes are selling above list price. Supply and demand prices interest rates... it’s like trying to predict my next shot. You think you know but then BAM! Surprise! But always remember that 'positive energy is the real stuff'

Time to Sell: Not Quite a Speed Serve

Homes are taking longer to sell: 27 days versus 24 last year. Patience my friends patience. It's a marathon not a sprint. And first time buyers are down. Makes sense it’s a tough market out there! But it’s also not the time to give up because 'the mind is everything. What you think you become'