news
Market Report - April 2024

 

Market Report - April 2024



U.S. existing-home sales recently fell from a one-year high, dropping 4.3% month-over-month to a seasonally adjusted annual rate of 4.19 million, according to the National Association of REALTORS® (NAR), as higher interest rates and rising sales prices continue to keep some prospective buyers on the sidelines. Average 30-year mortgage rates have topped 7% in recent weeks, while the median existing-home sales price hit $393,500 as of last measure, a 4.8% increase from the previous month, according to NAR.

New Listings were up 38.7 percent to 735. Pending Sales increased 14.5 percent to 567. Inventory grew 62.2 percent to 1,599 units.

Prices moved higher as Median Sales Price was up 4.6 percent to $550,000. Days on Market increased 20.0 percent to 54 days. Months Supply of Inventory was up 63.6 percent to 3.6 months.

Warmer temperatures appear to have helped bring some sellers back to the market, providing additional options to home shoppers during the spring buying season. Total inventory was up 4.7% month-over-month and 14.4% year-over-year, for a 3.2 months’ supply at the current sales pace, according to NAR. Nevertheless, demand continues to outpace supply and properties are selling quickly, with the typical home spending 33 days on market nationwide, down from 38 days the month before.

Here are some other articles you may find useful
2 MIN READ
Market Report - February 2021

  Market Report - February 2021 Mortgage interest rates ticked a bit higher in February, but remain below their February 2020 levels. Interest rates may rise a bit further in coming weeks, but according to Freddie Mac chief economist Sam Khater,

SHOW MORE
3 MIN READ
A Powerful Real Estate Tax Advantage

  A Powerful Real Estate Tax Advantage Cost segregation is a tax strategy that can be used by real estate investors and property owners to increase cash flow and reduce their tax liability. It involves identifying and separating the different co

SHOW MORE
2 MIN READ
Market Report - September 2022

  Market Report - September 2022 The U.S. real estate market continues to slow as we move into fall, as rising consumer prices and higher mortgage interest rates squeeze homebuyer budgets and cool activity. With inflation showing little sign of

SHOW MORE
2 MIN READ
Market Report - February 2021

  Market Report - February 2021 Mortgage interest rates ticked a bit higher in February, but remain below their February 2020 levels. Interest rates may rise a bit further in coming weeks, but according to Freddie Mac chief economist Sam Khater,

SHOW MORE
3 MIN READ
A Powerful Real Estate Tax Advantage

  A Powerful Real Estate Tax Advantage Cost segregation is a tax strategy that can be used by real estate investors and property owners to increase cash flow and reduce their tax liability. It involves identifying and separating the different co

SHOW MORE
Contact Me
Please complete this form and I will respond to you in confidence.
Code:
Send Message
* The phone number must be a valid phone number.
* The email must be a valid email.
Thank you for reaching out, we'll be in touch soon.