Top Agent Insights for Summer 2023

HomeLight’s quarterly report compiles the findings of a survey of over 900 top real estate agents nationwide. The findings indicate that a drop in housing supply and elevated mortgage rates have suppressed the summer real estate market. Sales have significantly slowed overall, but bidding wars and cash offers are common on well-priced homes in top condition. From an inventory perspective, it remains a seller’s market in many areas. However, with heightened affordability restraints due to higher mortgage rates, buyers are acting with caution to avoid overspending.