30% More Houses on the Market - Why 2024 Could Be YOUR Year to Own a Home!
Good news for prospective homebuyers! Recent reports on real estate are painting a more optimistic picture. Let's break down the key highlights that might make 2024 the perfect time to dive into the housing market.
Last week, the National Association of Realtors® shared a bit of a downer – existing-home sales for December and all of 2023 took a bit of a tumble. But hold on! The Census Bureau's preliminary report for December had a surprise in store – new home sales spiked by 8% from November and showed a solid 4% growth compared to 2022.
Sure, we know new home sales are just a piece of the puzzle, and they can bounce around a bit month-to-month.
However, the fact that 668,000 new homes found new owners in 2023 is breaking a two-year trend, and that's something to smile about.
This positive shift tackles two big issues in real estate: not enough buyers and not enough homes available to purchase.
Chief Economist Lawrence Yun from the NAR is also seeing a brighter side to the housing market. He predicts a comeback fueled by lower mortgage rates and rising income. While we might not reach the dizzying heights of 2020, the market is set to outshine 2022.
And here's some more good news – expect a 30% boost in housing inventory!
Why? Well, those higher mortgage rates convinced homeowners to put their properties on the market, creating a more balanced playing field. Plus, there's a pleasant surprise in the new home sales report – prices are going down!
In 2023, the average price dipped 5.3% to $511,100, and the median sales price fell 6.6% to $427,400.
With mortgage rates taking a back seat, the drop in home prices is a welcome sight. So, if you've been toying with the idea of owning your own slice of heaven, 2024 might be the perfect time to make those dreams come true.