04/25/2024
π‘ Strong Demand Boosts Home Sales and Prices in Q1 2024 π‘
As the first quarter of 2024 draws to a close, the real estate market continues to thrive. Here are the key highlights:
1. Existing Home Sales Surge: In March 2024, existing home sales increased by 3.2% compared to the same month in 2023. Buyers are actively seeking homes, contributing to this robust growth.
2. Median Price Escalation: The median home price soared by 10.1%, reaching $299,900 over the 12-month period from March 2023 to March 2024. This upward trend reflects strong demand and limited inventory.
3. Supply Remains Tight: Despite the surge in sales, supply conditions remain challenging. In March, there was a mere 2.9 months of available housing supply. However, positive news emerges as months of inventory improved across all regions due to increased listings.
4. New Listings on the Rise: Statewide, new listings saw a 4% uptick between March 2023 and March 2024. Additionally, total listings expanded by 10.6% during the same year-long span.
5. Mortgage Rates Climb: Throughout the first quarter, mortgage rates experienced an upward trajectory. The average 30-year fixed mortgage rate reached 6.82% in March, surpassing the January rate of 6.64% and exceeding the March 2023 rate of 6.54%.
Whether youβre buying or selling, stay informed about the dynamic real estate landscape! π πΌπ°
Strong Demand Increases Home Sales and Prices in First QuarterFULL REPORT: https://www.wra.org/HSRMar2023/TALKING POINTSAs the first quarter of 2024 ends, bo...