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Sales Slumping, March 2024 Existing Home Sales
🎙️📉 Hello to all you market watchers and home dreamers, it's Peter D'Angelo back at it on "Mortgage, Markets, and More!" Wrapping up your week with a dive into the latest real estate trends, and boy do we have some juicy stats to unravel from the National Association of Realtors' existing home sales data for March 2024. 🏠🔍
📊 Sales are slipping, but don't let that get you down—there's gold to be mined from these numbers! We're seeing a 4.3% dip to 4.19 million units, with year-over-year sales falling by 3.7%. But as your trusty guide, I'm here to illuminate the path through these shifting tides, offering perspective that could be your compass in a changing market. 🧭
Median home prices, on the other hand, are blossoming like spring to $393,500—a 4.8% rise you can't ignore. Could this be the beacon of a booming market or a siren call for savvy strategy? I'm dissecting these dynamics region by region, from the bustling Northeast to the sun-kissed West. 🌏💹
The Northeast is celebrating a sales uptick while the Midwest sees a modest decline. The South and West, they're riding the see-saw of the market with steeper drops, yet median prices are climbing across the board, painting a picture of enduring value beneath the fluctuations. 💰🔝
Inventory's creeping up to 1.11 million units—a move that's stirring the pot of supply and demand. But with a 3.2 month supply, we're floating in the shallow end of available homes. Year-over-year, we're up 14.4%, but what tales do the closed deals of March tell us? 🏘️📈
The stage is set:
- Single family homes are trading hands at $397,200 median, ever so slightly up.
- Condos and co-ops are not too far behind, making their mark with a median of $357,400. 🏢💲
As we play detective with the buyer breakdown:
- First-time homebuyers are at 32% of the show.
- All-cash sales slide to 28%, giving financed buyers a leg up.
- Individual investors are grabbing 15% of the pie, leaving a slice for everyone. 🕵️♂️👨👩👧👦
But let's not forget those enigmatic distressed sales, showing a slight fluctuation but holding steady enough to not ring any alarm bells... yet. 🔔
#MortgageMarketsandMore #RealEstateUpdate #MarchSales #HomeTrends #MarketAnalysis
🗺️ Sharing this episode is like lighting a torch for fellow travelers in the quest for home ownership. Let this be a part of their map. And after all these numbers and predictions, let's catch our breath, prep our plans, and charge into a refreshing weekend. I’ll be here Monday, ready with your mortgage rate update and more insights into the labyrinth of lending. Until next time, remember to keep your dreams grand and your negotiations savvy. Take care, and have a phenomenal weekend! 🌟🏖️
Watch this episode on Youtube!
Interested in getting Pre-Approved? Submit your Pre-Approval inquiry here!
Interested in your Refinance options? Submit your Refinance inquiry here!
Follow me on:
- YouTube
Peter D'Angelo | NMLS: 885309 | Branch Manager | Guaranteed Rate, Inc., NMLS 2611
[email protected]
*All information, topics, discussion is my own personal opinion and insight, not reflective of Guaranteed Rate, Inc. May contain market information for informational purposes only, not to be used as financial advice.
View all episodes
By Pete D'Angelo🎙️📉 Hello to all you market watchers and home dreamers, it's Peter D'Angelo back at it on "Mortgage, Markets, and More!" Wrapping up your week with a dive into the latest real estate trends, and boy do we have some juicy stats to unravel from the National Association of Realtors' existing home sales data for March 2024. 🏠🔍
📊 Sales are slipping, but don't let that get you down—there's gold to be mined from these numbers! We're seeing a 4.3% dip to 4.19 million units, with year-over-year sales falling by 3.7%. But as your trusty guide, I'm here to illuminate the path through these shifting tides, offering perspective that could be your compass in a changing market. 🧭
Median home prices, on the other hand, are blossoming like spring to $393,500—a 4.8% rise you can't ignore. Could this be the beacon of a booming market or a siren call for savvy strategy? I'm dissecting these dynamics region by region, from the bustling Northeast to the sun-kissed West. 🌏💹
The Northeast is celebrating a sales uptick while the Midwest sees a modest decline. The South and West, they're riding the see-saw of the market with steeper drops, yet median prices are climbing across the board, painting a picture of enduring value beneath the fluctuations. 💰🔝
Inventory's creeping up to 1.11 million units—a move that's stirring the pot of supply and demand. But with a 3.2 month supply, we're floating in the shallow end of available homes. Year-over-year, we're up 14.4%, but what tales do the closed deals of March tell us? 🏘️📈
The stage is set:
- Single family homes are trading hands at $397,200 median, ever so slightly up.
- Condos and co-ops are not too far behind, making their mark with a median of $357,400. 🏢💲
As we play detective with the buyer breakdown:
- First-time homebuyers are at 32% of the show.
- All-cash sales slide to 28%, giving financed buyers a leg up.
- Individual investors are grabbing 15% of the pie, leaving a slice for everyone. 🕵️♂️👨👩👧👦
But let's not forget those enigmatic distressed sales, showing a slight fluctuation but holding steady enough to not ring any alarm bells... yet. 🔔
#MortgageMarketsandMore #RealEstateUpdate #MarchSales #HomeTrends #MarketAnalysis
🗺️ Sharing this episode is like lighting a torch for fellow travelers in the quest for home ownership. Let this be a part of their map. And after all these numbers and predictions, let's catch our breath, prep our plans, and charge into a refreshing weekend. I’ll be here Monday, ready with your mortgage rate update and more insights into the labyrinth of lending. Until next time, remember to keep your dreams grand and your negotiations savvy. Take care, and have a phenomenal weekend! 🌟🏖️
Watch this episode on Youtube!
Interested in getting Pre-Approved? Submit your Pre-Approval inquiry here!
Interested in your Refinance options? Submit your Refinance inquiry here!
Follow me on:
- YouTube
Peter D'Angelo | NMLS: 885309 | Branch Manager | Guaranteed Rate, Inc., NMLS 2611
[email protected]
*All information, topics, discussion is my own personal opinion and insight, not reflective of Guaranteed Rate, Inc. May contain market information for informational purposes only, not to be used as financial advice.