Q4 2022 - The Bottom of the Real Estate Market

Q4 2022 - The Bottom of the Real Estate Market

  • KOPMAN ADLER

5 reasons why Robert Reffkin (Compass CEO) strongly believes Q4 of 2022 was the bottom of the real estate market. 

Robert Reffkin speaks during a CNBC interview, with Compass stock graphics displayed beside him.

Click here to watch the full CNBC segment

“For the first time in 10 months, all the statistics I look at are trending positively.”

Compass CEO Robert Reffkin

  • For the first time in 10 months statistics are trending positive
    • Home builder sentiment improved month over month for the first time in over a year
    • 25% weekly increase in purchase mortgage applications
    • Closings were down 30% in the fall - today, they are nearly flat in the overall market
  • Mortgage rates continue to move down to a 4 month low 
    • Mortgage rates in January 2022 went from an all time low, to a 20 year high in less than 9 months, which created a sharper decline in real estate transactions.  With mortgage rates starting to work their way down again, more buyers have come back to the market.
  • Strong increase in buyer traffic
    • Buyer showing requests across Compass websites are up substantially
    • Open House traffic is up
    • Number of offers are up

 

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