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Great news for homebuyers! Monthly payments at lowest in the past year

By
Real Estate Agent with Florida Homes Realty & Mortgage

Guess what, savvy homebuyers? It's raining good news in the world of real estate! Picture this: your monthly mortgage payments just hit the snooze button and decided to take a little nap. According to the friendly folks at Redfin (you know, the real estate wizards), the median U.S. mortgage payment danced down to a cheerful $2,361 during the four weeks ending Dec. 31. That's a whopping $372 less than the all-time high in October – a 14% drop! Can you say cha-ching?

Now, buckle up, because the party doesn't stop there. As the payment numbers do the limbo, buyer interest is throwing a confetti shower. Redfin's Homebuyer Demand Index did a little happy dance, spiking by 10% from just a month ago. It's now doing the cha-cha at its highest level since August. Someone cue the celebratory music!

 

And wait for it – drumroll, please – pending sales are playing it cool with only a 3% annual dip. That's the smallest decline we've seen in two years. Slow clap, anyone?

 

But hold onto your real estate dreams, because we've got a twist in the plot. While monthly payments are taking a chill pill, home prices are still playing hard to get. Redfin spilled the tea, revealing that the median home price for the four weeks ending Dec. 31 did a sassy little salsa, hitting $363,371. That's a 4.4% increase and the highest dance move since October 2022. Can you believe it?

 

Now, here's the real estate cliffhanger – active listings are doing a disappearing act, down 3.3%. The 3.8-month supply is like a rare unicorn, considered below the 4% to 5% level that defines a balanced market. So, while the prices are doing the tango, inventory is doing the vanishing act.

 

But hey, don't let that rain on your parade! With monthly payments catching some Zs and buyer interest doing the Macarena, it's still a great time to dip your toes into the real estate dance floor. Who knows, you might just find your dream home doing the electric slide into affordability! 🕺🏡💃

 

Mike & Cindy Jones, Jacksonville Real Estate Agents,
call or text - 904 874-0422


Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

I think this might be Market Specific ! We are still in an Extreme Scarcity of Listings, which is causing most sales to be above List Price ..

Jan 29, 2024 08:41 AM