Special offer

Is the Housing Market Turning?

By
Real Estate Agent with Berkshire Hathaway HomeServices Preferred Real Estate, Inc.; www.AuburnOpelikaALRealEstate.com

Is the Housing Market Turning?

The potential for a soft landing in 2024 amidst economic shifts and housing trends is explored in this recent #GTK blog post. Discover insights into housing inventory, inflation nuances, and other driving factors behind the projected growth in housing sales.

The U.S. avoided a recession in 2023, and some say it will have a soft landing in 2024. Inflation has hovered in the 3% range for many months—higher than the central bank would prefer, but at 2.6% for personal consumption expenditures (PCE), it’s closer to the target range of 2% and far from the double-digit highs since the pandemic began. Most sources cite the “core” PCE, which excludes volatile energy and food prices which sat at 3.2% by year’s end—the lowest level since March 2021.

Meanwhile, existing home sales volume began to edge higher by the end of 2023, and prices rose 4.0% year over year to a median of $387,600. Mortgage interest rates ended the year at 6.61% for a benchmark 30-year fixed-rate conventional home loan.  Existing housing inventory remains tight with approximately 3.5-months’ supply on hand at the current sales pace.

Due to the improvement in market conditions and higher consumer confidence, Realtor.com’s research finds that two factors will drive housing sales in 2024—relative affordability in the Midwest and Northeast and the 2023 dip in western home prices. Areas like Oxnard, Riverside, Bakersfield, San Diego, and Sacramento in California; Las Vegas, Nevada; Toledo, Ohio; and Springfield, Massachusetts could get double-digit sales growth in 2024. Toledo, for example, offers housing 51% below the national median with low unemployment.

These improvements should encourage more homebuyers to make the leap to homeownership. Ask me to update you on the latest market conditions in your area.  #berkshirehathawayhomeservicespreferredrealestate

Questions? Feel free to reach out—I’d love to help!
#BHHS #BHHSRealEstate #HousingMarket

Posted by

 

Laura Sellers

Associate Broker, Realtor, GRI

Berkshire Hathaway HomeServices 

Preferred Real Estate, Inc.

1810 E. Glenn Avenue, Suite 130

Auburn, AL 36830

Phone: 334-332-7263

Fax: 1-888-217-3682w

 

www.AuburnOpelikaALRealEstate.com 

 

TO VIEW HOMES FOR SALE IN THE AUBURN-OPELIKA AREA PLEASE CLICK HERE.

 

EXPERT IN AUBURN - OPELIKA - REAL ESTATE SERVICES

If you are buying or selling  property in the Auburn - Opelika, AL  area, my team and I will provide you with the service that you need.  We're the #1 real estate company in Auburn's #1 office.  

Please call me today at (334) 332-7263.

 

To view homes for sale in the Auburn - Opelika area please click here. 

 

Referrals are always welcomed and appreciated, Thank-you!

 

 

Comments (5)

Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Laura and excellent information for buyers and sellers to know about.  Thank You for the information

 

Feb 17, 2024 06:59 AM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

With inventories still low, and interest rates somewhat stable, the market will continue to flourish a while longer

Feb 17, 2024 07:25 AM
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Thanks for sharing the housing market overview - I need to find someplace to buy a starker exchange home

Feb 17, 2024 08:01 AM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hello Laura - local real estate representation continues to matter.  Regardless of market conditions, it can make a significant difference.  

Feb 17, 2024 08:25 AM
Jim Crawford
Long & Foster - Fredericksburg, VA
Jim Crawford Broker Associate Fredericksburg VA

Great report, informative as always.  Thank you for sharing.

Feb 18, 2024 04:32 PM