All articles tagged with #us home sales
US existing home sales slightly declined in August due to affordability issues, with sales dropping 0.2% to an annual rate of 4 million units, but year-over-year sales increased by 1.8%. Mortgage rates have decreased but remain high, impacting buyer activity, while inventory levels are stable. Home prices continue to rise, and regional differences in sales are observed.
Sales of previously owned US homes hit a nearly 30-year low in 2023 due to higher mortgage rates, rising prices, and a shortage of homes on the market. The National Association of Realtors reported a 18.7% decline in home sales from 2022, with the median home price reaching a record high of $389,800. Despite a recent pullback in mortgage rates and forecasts for further declines, the housing market is expected to remain imbalanced with intense competition for the limited inventory, making it difficult for first-time buyers to enter the market.
The National Association of Realtors predicts a strong rebound in US home sales in 2024, driven by falling mortgage rates. After two quiet years, the housing market is expected to experience a dramatic turnaround, with pent-up demand from buyers benefiting 10 cities. The NAR projects a 19% increase in new home sales and a 13% growth in existing property sales, leading to windfalls for realtors. The list of cities with strong pent-up demand includes areas with factors such as rising home prices, affordability for renters, potential returning buyers, job growth rate, income growth rate, and crime rate.