BUILDER Magazine’s Post

More than 85% of metro areas in the United States posted home-price gains in the fourth quarter of 2023, according to a new report from the National Association of REALTORS® (NAR). Single-family home sales prices increased in 189 out of 221 metro areas analyzed, with the median single-family price in the country rising 3.5% year over year to $391,700. This is likely due to a healthy decrease in the 30-year fixed mortgage rate, which dropped from 7.79% to 6.61%.

Even as mortgage rates hit a two-decade high, home sales remain to be brisk. All-cash buyers or buyers with big down payments have been a significant part of the market this year. Limited inventory continues to drive price growth. The median sale price in the Washington, D.C. metro region is up 5.8% from a year ago. As 2023 closes out, the overall number of home sale transactions in the Mid-Atlantic looks to be at its lowest level in more than a decade. However, market activity is expected to increase in 2024 as mortgage rates fall. In Fairfax County sales of detached homes is down 11.5% from a year ago while the sold price is up 3% Fairfax Station with a 33% decrease in closed sales from a year ago, the area experienced a significant increase in median sold price over 16% from 2022; going from $1,049,000 in 2022 to $1,220,000 in Nov 2023. Clifton saw a slight decline in both sold homes and median sold price from a year ago. Meanwhile Burke experienced a significant decrease in closed detached home sales (over 56%) and a modest sold price increase of 5.7%. #novarealtor #housingmarketupdate #housingmarket #fairfaxrealtor

More than 85% of metro markets (189 out of 221) registered home price increases in the fourth quarter of 2023 as the 30-year fixed mortgage rate dropped from 7.79% to 6.61%, according to the National Association of Realtors®’ latest quarterly report.

More than 85% of metro markets (189 out of 221) registered home price increases in the fourth quarter of 2023 as the 30-year fixed mortgage rate dropped from 7.79% to 6.61%, according to the National Association of Realtors®’ latest quarterly report.

More than 85% of metro markets (189 out of 221) registered home price increases in the fourth quarter of 2023 as the 30-year fixed mortgage rate dropped from 7.79% to 6.61%, according to the National Association of Realtors®’ latest quarterly report.

More than 85% of metro markets (189 out of 221) registered home price increases in the fourth quarter of 2023 as the 30-year fixed mortgage rate dropped from 7.79% to 6.61%, according to the National Association of Realtors®’ latest quarterly report.

🏡 Market Report - June 2024 TORONTO, ONTARIO, June 5, 2024 – May home sales continued at low levels, especially in comparison to last spring’s short-lived pick-up in market activity. Home buyers are still waiting for relief on the mortgage rate front. Existing homeowners are anticipating an uptick in demand, as evidenced by a year-over-year increase in new listings. With more choice compared to a year ago, buyers benefitted from more negotiating room on prices. "Recent polling from Ipsos indicates that home buyers are waiting for clear signs of declining mortgage rates. As borrowing costs decrease over the next 18 months, more buyers are expected to enter the market, including many first-time buyers. This will open up much needed space in a relatively tight rental market," stated Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce. Greater Toronto Area REALTORS® reported 7,013 home sales through TRREB’s MLS® System in May 2024 – a 21.7 percent decline compared to 8,960 sales reported in May 2023. New listings entered into the MLS® System amounted to 18,612 – up by 21.1 percent year-over-year. Want to learn more about the real estate market in Toronto? DM or call 416.975.5588 #TorontoRealEstate #HousingMarket #MarketReport

This month's year-over-year comparisons were challenging, with most of the year showing positive trends until the significant spike in existing home sales reported last month, which resulted in negative data year over year. As the year continues, these comparisons are expected to become more favorable. The focus will remain on monitoring purchase application data in relation to the 10-year yield and mortgage rates throughout the remaining months. #RealEstate #MarketTrends #MortgageRates #YearOverYear #EconomicIndicators

Should You Buy Now or Wait for Rates to Drop? In Thurston County, the average home price is approximately $525,000, making many buyers hesitant due to high costs. The real estate market is evolving, no longer just a seller’s market, with high interest rates and property values impacting affordability. Current Market Dynamics: Median Home Price: $525,000, up 1.0% from last year. Average Days on Market: 12 days, compared to 6 days last year. Sales Volume: 363 homes sold in June 2024, down from 396 last year. Interest Rates and Their Impact: High Interest Rates: Persistently high mortgage rates continue to dampen housing market activity. The average 30-year mortgage rate is just under 7%. Affordability Issues: Higher rates increase monthly mortgage payments, making it harder for buyers to afford homes. Considerations for Buying Now: Potential Price Increases: Waiting for interest rates to drop might not be the best strategy. If you’re waiting, remember others are too, potentially leading to increased home prices when rates eventually decrease. Low Inventory: The market remains competitive due to low inventory, which can drive prices up further. Strategies to Mitigate High Rates: Buyers can consider tactics like negotiating a temporary rate buydown with the seller or using discount points to lower the interest rate. Conclusion: For those in a position to buy now and afford the mortgage, it might be the right time to act. Waiting for rates to decrease in a low-inventory market may not yield a better deal. Consider the current dynamics and available strategies before making a decision. #RealEstate #HomeBuying #MarketInsights #thurstoncountyrealestate #washingtonstaterealestate Visit my website for more details on my listings (one pictured below) and all other properties for sale in Washington State, https://lnkd.in/gfYbvuai

Get ready to forswear a whole lot of avocado toast because housing prices just hit a record high. Last month, the median price for an existing home in the US rose to $419,300, the highest it’s been since the National Association of Realtors started keeping track in 1999. Those price tags, coupled with sky-high mortgage rates, weren’t good for home sales: Sales of previously owned homes are at a 30-year low and don’t seem to be picking up in what’s usually the busy season. Prices are staying high despite falling sales in part because there isn’t much available on the market. That means if more homeowners start selling, price growth may slow down and then perhaps you can finally have your brunch and own your place, too.