February National Market Update 2024

Breaking news. Sellers and buyers. Are you ready for some exciting updates in the real estate market? Hi, I'm Amber Johnson from Pillar Real Estate, and I'm here to share the latest insights from the end of 2023 report provided by the National Association of Realtors. According to the National Association's chief economist, Lawrence Yun, here's what you can expect in 2024.

Number one, an increase in home sales. Get ready for a 13 and a half percent spike in existing home sales, with a whopping 4.71 million homes expected to change hands across the nation. Secondly, a slight rise in median home prices. The median home price is set to reach $389,500, marking a modest point 9% increase from the previous year. Third, we can expect low foreclosure rates to continue ensuring stability in the market. Fourth, a growing housing inventory. Housing inventory is projected to rise by about 30% as more sellers decide to list their properties. Fifth, lower mortgage rates. Rates are expected to eventually drop from the highs of 2023 and settle around 5 to 6% for a 30 year fixed mortgage. Sixth, The national housing demand is on the rebound, especially in markets with pent up demand like right here on the Central Coast. Southern states are poised for strong growth due to rapid job increases. While the Midwest will see a boost thanks to more affordable housing. The West Coast, too, will recover with increased inventory and lower mortgage rates.

But remember, these are general predictions and every local market is unique. To get the most accurate information tailored to your specific area, It's always best to collaborate with a local experienced real estate agent who understands both the national trend and local nuances. If you're eager to dive deeper into housing data for our local markets, don't hesitate to reach out. We're here to provide you with the insights that you need and an exceptional real estate experience. Thank you for tuning in and I will see you soon.