Despite monetary policy changes by the Federal Reserve in early summer 2022 and winter of 2023 that caused mortgage interest rates to more than double from 3.5% to around 6.5 to 7.3%, the housing market is still moving along, in spite of record high home prices and higher mortgage interest rates. 

May 2023 sales have been brisk and show no sign of slowing as we move into June. Properly priced homes are again receiving multiple offers within a day or two of the listing date. A condition that exists when the number of buyers exceed the number of available homes for sale. The figures below are consistent with those of this month in 2022.

Lansing Area Market View – June 1, 2023
  423 – currently listed homes for sale in the five county greater Lansing area.
  228 – homes with accepted offers. (Awaiting inspections and/or appraisal.)
 398 – homes listed as Pending. (Have completed inspections and will soon close.)
1973 – homes that have closed since January 1, 2023. 

Current Mortgage interest rates
  30-year fixed – 6.57% ($6.37 per $1000)
  15-year fixed – 5.97% ($8.42 per $1000)