Housing Trends – Q3 2023

Amherst is proud to partner with Institutional Real Estate, Inc. to bring you “Housing Trends,” a quarterly review of the latest insights from the Amherst Home Price Index.

The third quarter 2023 seasonally adjusted Amherst Home Price Index (HPI) climbed 4.3 percent above its 2022 peak, despite a cooling economy. For-sale inventories remain more than 40 percent below their 2019 levels, driven by the current “lockin effect” following the pandemic housing boom. Approximately 99 percent of outstanding homeowners pay mortgage rates below the prevailing rate. We believe that elevated rates will keep homeowners reluctant to sell, resulting in a continued dearth of housing inventory.