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Apr 91 min read

Home Sales & Inventory Are Springing Back

The housing market has some spring in its step, and relief

from price growth might be on the horizon.


Market Perspective: Fast Facts About the Housing Market
February existing home sales jumped 9.5% Month over Month. The largest monthly increase in a year. The market is gaining much-needed housing inventory. Supply of existing homes for sale is up 5.9% Month over Month. Single-family housing starts are up 11.6% month over month, and single-family housing completions are up 20.2% Month over Month.
Affordability remains a challenge, but 2024 may bring some relief. 550 US cities, a record high, have a typical home value of $1 million or more. Highest concentration in California and NYC metro. High price tags pose challenges to buyers, but represent equity wealth for many homeowners. Home-growth is expected to slow in the next year.

 

Sources:
[1] National Association of Realtors® (NAR), Existing-Home Sales, February 2024.
[2] U.S. Census Bureau, HUD, Monthly New Residential Construction, February 2024.
[3] National Association of Home Builders, “Builder Sentiment Rises Above Breakeven Point,” March 18, 2024.
[4] Fannie Mae, National Housing Survey, March 2024.
[5] Zillow Research, “There Are a Record-High 550 ‘Million-Dollar’ Cities in the US,” April 2, 2024.
[6] CoreLogic, a data and analytics company, Homeowner Equity Insights, Q4 2023.
[7] CoreLogic, U.S. Home Price Insights – April 2024.

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