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Interest rates are well below those seen late last year, but have
started ticking up in mid-February.
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Through February 22nd, stock markets have continued to rebound dramatically, deeply impacting household wealth - especially among more affluent buyers.
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Having plunged from its peak in mid-2022, the inflation rate has not dropped as quickly as expected in recent months, a big factor in mortgage interest rates.
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As a percentage of total sales, the share of transactions being completed
by buyers paying all cash has continued to climb.
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Median home sales prices rise and fall to seasonal supply and demand dynamics, and January prices mostly reflect the slow December market. Still, U.S. house and condo/co-op prices were up 5% & 5.7% respectively year-over-year.
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National house-price appreciation rates over various periods since 1990.
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Home sales by price segment: Higher-price segments have recently seen
by far the largest year-over-year increases in sales.
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Median house prices in selected U.S. metro areas. "Metro areas" typically
consist of large, multi-county regions.
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And a look at the approximate income required to buy a median-priced house in various U.S. metro areas, based on a 20% downpayment.
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As the new year's market wakes up, the number of new listings is spiking,
but, so far in 2024, not enough to meet the acceleration in buyer demand. Since mid-2022, listing activity has plummeted due to the mortgage lock-in effect, but many analysts predict higher listing volumes this year.
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Months-Supply-of-Inventory measures supply as compared to demand: The lower the MSI, the more heated and competitive the market. During the pandemic boom, soaring demand dropped MSI to historic lows; since mid-2022, the plunge in listings has been the main factor in keeping MSI so low by historical standards.
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January sales volume reflects the very slow market of December, but moving into spring, the monthly number of sales should begin rising quickly. Click on the image below for our overview report on market seasonality.
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Strong demand vs. an inadequate supply of homes for sale, plus higher
interest rates, have severely impacted housing affordability.
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