#HousingMarket2023Finale!

The U.S. real estate market wrapped up 2023 on a high note, signaling a promising growth trajectory for 2024! 

#InventoryGrowth - Good news for homebuyers this spring! The housing inventory is gradually increasing compared to last year, offering more choices for prospective buyers. 

#SalesOnTheRise - The real estate market is buzzing with activity, as more homes enter contracts weekly, highlighting a synchronized climb in both supply and demand. 

#StableHomePrices - Home prices are gently rising, a stark contrast to the frenzied spikes seen during the pandemic. This stability suggests a comfortable match between current prices, mortgage rates, and buyer interest.  

#AffordabilityCrisis2024 - The latest data points to a continued affordability struggle in 2024, with little relief in sight. Lower mortgage rates might enhance payment affordability, but could also intensify buyer competition, pushing prices further up. 

 #InventoryUpdate - The year concluded with 513,000 single-family homes on the market, almost 5% higher than at the end of 2022. Sellers are gradually re-entering the market, a trend distinct from the low seller turnout in 2023. 

#ContractsOnTheRise - The number of homes under contract has hit a new milestone, with 258,000 single-family homes now in the contract pending stage, marking a 2.4% increase from last year. 

If economic headwinds like rising unemployment emerge, the pending sales data will be an early indicator of their impact on the housing market. 

#PriceReductionTrends - Currently, 34.8% of homes on the market have reduced prices, aligning with the normal range. This trend is expected to evolve as new inventory enters the market in the coming months. 

#2024HomePriceOutlook ???? - The first quarter's home price trends are crucial in shaping the year's outlook. The median price for single-family homes now stands at $415,000, a modest 3% increase from last year, indicating overall price stability and equity growth for American homeowners. 

In summary, 2024 is shaping up to be a year of growth and stability for the U.S. housing market, despite ongoing affordability challenges.