--- title: This week's market news description: "Bottoming out\nExisting home sales for January 2023 fell (a very modest) 0.7% MoM to an annualized pace of 4,000,000 units. That was the 12th straight month of decline. But look at the chart: it's bottoming. Existing home sales were actually UP in the South and West. And with spring approaching, and demand picking up, activity levels should get better from here." image: https://shareables.listreports.com/talking-points/tp-30yr-fixed-rate-2.23.png --- [![530ad0d3-bef1-4269-990b-128a8fb011f71](https://www.teresabutler.com/hs-fs/hubfs/530ad0d3-bef1-4269-990b-128a8fb011f71.png?width=1957&height=501&name=530ad0d3-bef1-4269-990b-128a8fb011f71.png "530ad0d3-bef1-4269-990b-128a8fb011f71")](http://Worthington%20Realty,%20LLC) This is a search field with an auto-suggest feature attached. - There are no suggestions because the search field is empty. - [Home](https://www.teresabutler.com/en-us/central-ohio-real-estate-news-1) - [Selling](https://www.teresabutler.com/en-us/selling) - [Staging](https://www.teresabutler.com/staging) - [What's my home worth?](https://www.teresabutler.com/epropertywatch) - [Buying](https://www.teresabutler.com/en-us/buying) - [Mortgage](https://www.teresabutler.com/mortgage) - [Building](https://www.teresabutler.com/building) - [Blog](https://www.teresabutler.com/central-ohio-real-estate-news) - [Contact](https://www.teresabutler.com/contact) - [About](https://www.teresabutler.com/about) - [About Worthington Realty](https://www.teresabutler.com/en-us/about-worthington-realty) - [Resource Library](https://www.teresabutler.com/welcome-home-resource-library) This is a search field with an auto-suggest feature attached. - There are no suggestions because the search field is empty. # Central Ohio Real Estate News # This week's market news by [Teresa Butler](https://www.teresabutler.com/central-ohio-real-estate-news/author/teresa-butler) | Feb 28, 2023 #### National Real Estate News ##### Bottoming out Existing home sales for January 2023 fell (a very modest) 0.7% MoM to an annualized pace of 4,000,000 units. That was the 12th straight month of decline. But look at the chart: it's bottoming. Existing home sales were actually UP in the South and West. And with spring approaching, and demand picking up, activity levels should get better from here. ![Bottoming out](https://shareables.listreports.com/talking-points/tp-4-existing-home-sales-2.23.png) ##### Sellers and buyers calm down According to the monthly Realtors Confidence Index, only 16% of homes sold above their list price in January, down from 61% (!!!) in April 2022. This reflects both: 1) more realistic initial listing prices, and 2) less buyer competition. Meanwhile, days on market (how long it takes a new listing to sell on average) is now 33 days. The last time DOM was 33 was February 2020 - just before COVID hit. ![Sellers and buyers calm down](https://shareables.listreports.com/talking-points/tp-2-sold-above-list-price-2.23.png) ##### Unlucky number 7 In just three weeks, average 30-yr mortgage rates have shot up from just below 6% to very near 7%. Why? It's been a combination of things (stronger-than-expected economic data, hawkish Fed commentary, etc.) - all of which have the market worried that the Fed will lift rates higher, and keep them there longer. That said, inflation is clearly trending down and recession flags keep flapping. What does that mean? Lower rates are on the horizon. ![UNlucky number 7](https://shareables.listreports.com/talking-points/tp-30yr-fixed-rate-2.23.png) ### Local Market Trends ###### As of **Friday, February 24, 2023**   | Area | Median Price | Active Listings | New Listings - 5 days | Median Days on Market | | --- | --- | --- | --- | --- | | 43004 | $458,820 | 28 | 1 | 212 | | 43230 | $299,900 | 11 | 3 | 9 | | 43054 | $519,900 | 2 | 0 | 74 |       Questions about these articles or the state of your local market? Get in touch! 614-565-8161teresa@teresabutler.com ![ListReports](https://robin.homes/images/lr-logo-disclaimer-grey.svg) ![Equal Housing Opportunity](https://robin.homes/images/equal-housing-logo.png) ©ListReports 2023, all rights reserved. This information is from third-party sources and its accuracy cannot be guaranteed. - - - - Topics:   [Market Conditions](https://www.teresabutler.com/central-ohio-real-estate-news/tag/market-conditions) ,   [Market Stats](https://www.teresabutler.com/central-ohio-real-estate-news/tag/market-stats) [\< Previous Post](https://www.teresabutler.com/central-ohio-real-estate-news/top-5-kitchen-trends-to-try-in-2023-on-any-budget-1) [Next Post \>](https://www.teresabutler.com/central-ohio-real-estate-news/home-staging-tips-that-wont-break-the-bank) Recent posts [Central Ohio Market Brief](https://www.teresabutler.com/central-ohio-real-estate-news/central-ohio-market-brief-1777655995120) [Central Ohio Market Brief](https://www.teresabutler.com/central-ohio-real-estate-news/central-ohio-market-brief-1776460508490) [Central Ohio Market Brief](https://www.teresabutler.com/central-ohio-real-estate-news/central-ohio-market-brief-1775838210957) [Central Ohio Market Brief](https://www.teresabutler.com/central-ohio-real-estate-news/central-ohio-market-brief-1774636634287) [Weekly Market Brief: What’s Happening in Real Estate Right Now](https://www.teresabutler.com/central-ohio-real-estate-news/weekly-market-brief-whats-happening-in-real-estate-right-now) [Central Ohio Market Brief](https://www.teresabutler.com/central-ohio-real-estate-news/central-ohio-market-brief-1773418467075) [Central Ohio Market Brief](https://www.teresabutler.com/central-ohio-real-estate-news/central-ohio-market-brief-1772834730451) [Central Ohio Market Brief](https://www.teresabutler.com/central-ohio-real-estate-news/central-ohio-market-brief-1772220330476) [Central Ohio Market Brief](https://www.teresabutler.com/central-ohio-real-estate-news/central-ohio-market-brief-4) [Central Ohio Real Estate Market Brief](https://www.teresabutler.com/central-ohio-real-estate-news/central-ohio-real-estate-market-brief) ![Email Header-4](https://www.teresabutler.com/hubfs/Email%20Header-4.jpg "Email Header-4") ### Mission Statement My mission is to help you improve your life, grow your wealth, and create a home and a lifestyle through owning real estate. 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I am committed to helping you reach your real estate goals by leveraging my expertise, market knowledge, and innovative approach to buying and selling real estate. ### Central Ohio Areas Served: Gahanna New Albany Johnstown Pataskala Westerville Worthington Lewis Center Powell Dublin FOLLOW ME [Follow us on Facebook](https://www.facebook.com) [Follow us on LinkedIn](https://www.linkedin.com) [Follow us on X](https://www.twitter.com) [Follow us on Instagram](https://www.instagram.com) *Worthington Realty or Teresa Butler, Agent, does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied.* *Teresa Butler, Worthington Realty, PO Box 111, Worthington, OH 43085* *Send mail to Teresa@TeresaButler.com with questions or comments about this website.* [*Please view our Privacy Policy here*](https://www.teresabutler.com/privacy-policy?hs_preview=UcKyeAJj-100361088946) *Copyright ©2026 Teresa Butler, Realtor License #302737.* *All photos on this website Copyright ©Teresa Butler 2026. 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