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New Home Sales Are Up: Is the Real Estate Market Thawing Out? Existing home sales have been steadily declining, reaching the lowest levels in 30 years in 2023, according to the National Association of Realtors (NAR). Existing home sales rebounded slightly month over month in January 2024 (an increase of 3.1%) but were still showing a year-on-year decline of 1.7% from January 2023. As of right now, things are where they stood throughout 2023 in terms of poor affordability combined with very low inventory (critical in some metro areas). There is no news yet of existing home inventory levels magically improving—and there likely won’t be for the foreseeable future. With interest rates remaining as high as they are, existing homeowners will continue holding on to their homes. Where the real estate market may be showing promising developments is in the new home sales segment. New Home Sales vs. Existing Home Sales Now, the 1.5% January month-over-month increase in new home sales hardly seems impressive. In fact, according to the U.S. Census Bureau data, new home sales were below market expectations—661,000 units sold versus the 680,000 predicted. And yet, if we zoom in on regional and annual figures, something very interesting begins happening. According to the Census Bureau report, monthly new home sales “soared” in the Northeast—up 72%—and in the West—up 38.7%. The Midwest saw a 7.7% increase. The only region that saw a marked decrease in new home sales was the South: sales fell 15.6% here. By contrast, all regions reported existing home sales decreases except the West, where there was a modest increase of 2.8%. Of course, monthly fluctuations in sales figures don’t give a reliable picture of longer-term trends. However, year-over-year figures give us a better idea of where the new homes market is headed: definitely up. Annually, new home sales were up in 2023 in all regions apart from the Northeast, where they remained flat. Overall, as of January, new home sales nationwide were up 1.8%. In contrast, existing home sales were down 1.7% year over year. Again, normally, these numbers would not appear significant. But 2023 was no ordinary year for the housing market. It created the perfect storm of challenges for buyers. The decline in existing sales is completely in line with these conditions. 

It’s likely to be a slow spring for Big Island home sales as the market struggles to recover from 2023. According to multiple listing service data, 477 homes have been sold on the island this year as of the end of March, a 10% increase from the first three months of 2023.

Low volume of new home sales in Q1 2024 suggests unlikely pick-up in home building activity: The prospect of a pick-up in home building activity in 2024 is unlikely given the low... https://bit.ly/4cZNrP2

Turns out, new home sales are off to a brisk start this year! We crunched the numbers and saw a significant increase compared to last year: 140 per cent, in fact. The most recent Greater Ottawa New Home Market Report shows 276 new homes were sold last month, compared to 115 in January of the previous year.  HOUSING STATS:  ·      More than half of new home sales were for townhomes at 54 per cent, followed by single homes at 26 per cent, and condos at 19 per cent. ·      A total of 54 per cent of sales took place in Ottawa’s south end. ·      STATS FACT: Our records show a five-year peak in 2022 with 588 home sales in January.  https://lnkd.in/d4vvid9q

Home Sales still didn't perform too well near the end of 2023, but with lowering interest rates in 2024 we are expecting to see a rise in sales. #homesales #interestrates #residentialhousing https://lnkd.in/g8q87vt7

The latest data on new and existing home sales underscore the challenges in the housing market. While inventories are increasing and sales are declining, the prices of existing homes continue to reach new highs. Potential homeowners are grappling with near-record low affordability, leading to concerns that they may never be able to purchase a home. Despite affordability being a significant hurdle, some developments suggest that control of the market is shifting from sellers to a buyers. Forbes #housingmarket #housing #realestate

Existing-home sales dipped in May as the median home price hit the highest level on record, the National Association of REALTORS® (NAR) said. Specifically, sales dipped 0.7% from April to a seasonally adjusted annual rate of 4.11 million. Year-over-year, sales were down 2.8% from 4.23 million in May 2023. The median existing-home price for all housing types in May reached an all-time high of $419,300, up 5.8% from $396,500 a year before. #NAR #dallasrealestate #homesales

Latest home data report reveals both sales and prices up in February. The number of single-family homes sold was up following 31 consecutive months of declines. The tight inventory of property available for sale has eased but Maine is still seen as a sellers market. #mainelistings #februaryhomedata #salesandpricesup #trubritrealty #kellerwilliamsrealtymaine

Rising inventory and pent-up demand create increase in sales activity in Virginia in April According to the April 2024 Virginia Home Sales Report, sales activity in Virginia’s housing market picked up last month. Statewide, there were 9,416 homes sold in April, 1,164 more than April of last year, a 14.1% increase.

🏠 Market Update Alert! 📊📈 March 2024 home sales in the Greater Toronto Area saw a slight dip compared to March 2023, attributed in part to the timing of the Good Friday holiday. Despite a better-supplied market, competition between buyers led to a moderate increase in the average home price compared to last year. Key Highlights: Sales: 6,560 sales were reported, down by 4.5% compared to March 2023. New Listings: Increased by 15% over the same period. First Quarter Performance: Sales were up by 11.2% year-over-year, with new listings seeing a greater annual increase of 18.3%. Lower borrowing costs in the near future are expected to fuel increased demand for ownership housing. Key Insights: Home Price Index Composite Benchmark: Up by 0.3% year-over-year. Average Selling Price: Increased by 1.3% to $1,121,615. Looking Ahead: Price growth is expected to accelerate, especially in the second half of the year, as sales growth catches up with listings growth. Governments are urged to focus on innovative solutions to increase housing supply and improve affordability. We're committed to navigating the evolving real estate landscape and providing innovative housing solutions. Contact us to learn more about our developments and how we can help you achieve your homeownership goals. 🌟 YEDA HOMES INC.⁠ 📞 905-881-8818⁠ 📧 info@yedahomes.com⁠ 📍160 East Beaver Creek RD, Unit #15, Richmond Hill, ON, L4B 3L4⁠ ⁠ #TorontoRealEstate #MarketUpdate #YedaHomes #OntarioRealEstate # #homebuilder HomeownershipInOntario #YedaHomesInvestments #canadianrealestate #realestate #investments #realestateinvesting #torontorealestate #torontorealestateteam #richmondhill #commercialrealestate #residentialrealesta