Between the lines: Homeowners with 3% mortgages have little interest in selling their homes only to lock in new rates in the 6% range.

• 80% of homeowners with a mortgage have a rate under 4%, according to CoreLogic Principal Economist Molly Boesel.

What they’re saying:  Recession has been at the forefront of 2023.  Now with five months left in the year, here is what prominent voices are saying:

• “For this year, given these jobs numbers, it’s hard to see a recession. Increasingly, the odds of a recession this year are fading,” – Chief Economists at Moody’s Analytics.
• “We expect another year of below-potential growth and further labor market rebalancing in 2023 to solve much but not all of the underlying inflation problem. Unlike consensus, we do not expect a recession.” – Goldman Sacks US Economic Outlook.

Why it matters:  Sellers continue to receive offers at or above list price for “crème puff homes,” which are move-in ready and staged well.   Although, buyers continue to gain leverage on homes that are not in peak condition, as we begin to see those types of dwellings reduce their listing prices.

• Percent of Original List Price received is 98.7% (median), down only 1.3% since last year.
• During the last six recessions, home prices, on average, increased by 0.1%. With the 2008 housing recession removed, home prices rose an average of 4.06% - Corelogic, the Balance.