Welcome to our Real Estate Market Newsletter! In March 2024, the real estate market experienced significant activity, with notable increases in prices, listings, and sales. However, economic indicators introduced an element of uncertainty, affecting mortgage rates and stock markets.
Home Prices:
The median single-family-home sales price saw a year-over-year increase of 4.7%, while the median condo/co-op price rose by 5.8%. As expected, prices typically peak in late spring, indicating a favorable time for sellers.
Listings & Sales:
March witnessed a surge in new listings, up by 16.5% from February and 15.5% year over year. Active listings also rose by 14.4% compared to the previous year. Despite the uptick in inventory, the supply of homes for sale remains relatively low, presenting challenges for buyers.
Sales Activity:
Monthly home sales experienced a significant jump of 19.6% from February, although there was a 9.7% decline year over year. Notably, approximately 60% of sales closed in less than a month, with a considerable portion selling over list price and purchased with all-cash transactions.
Buyer Trends:
First-time homebuyers continued to make up a significant portion of purchases, accounting for 32% of transactions. Additionally, 6% of buyers acquired homes without seeing them in person, highlighting the importance of virtual tours and remote purchasing options.
Economic Indicators:
In the first half of April, inflation unexpectedly rose to 3.5%, leading to mortgage interest rates exceeding 7%. Stock markets experienced declines, although they remained higher year-to-date. Despite these fluctuations, the unemployment rate remained near historic lows.
Conclusion:
As we move further into the spring season, the real estate market continues to exhibit resilience amid economic uncertainties. Whether you're considering buying or selling, it's essential to stay informed about market trends and economic indicators. Reach out to our team for personalized insights and guidance tailored to your real estate goals.
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