January 2023 MBS Highway Housing Index

Each month, MBS Highway and ListReports survey our combined loan officer and real estate agent client bases to get their 60-second view on housing activity, pricing pressures and sales pace in their respective regions. The survey is open the first week of each month, with the results published early the following week.

While buyer activity levels nationwide remained subdued (77% of respondents characterized activity levels as ‘Slow’ or ‘Very Slow’), our January 2023 survey showed the first (admittedly slight) improvement in buyer activity since July 2022.

The nationwide pace of sales has been similar for the last 3 months, with 59% of respondents experiencing rising days on market/slower sales and 37% seeing stable/similar DOMs for listings.

Nationwide, 74% of respondents are seeing price reductions, down from 78% in December (and 41% in July 2022). Respondents in the Southwest, West and Northwest continue to experience the most pricing pressure, but even there, most characterized the price reductions as ‘Moderate’. Homes are selling fastest (and with fewer price reductions) in the Northeast and Mid-Atlantic.