Lisa Mailhot | May 10, 2024
Buyers
In the first quarter of 2024, the U.S. housing market showcased remarkable resilience. According to the latest report from the National Association of REALTORS® (NAR), more than 90% of metro markets saw home price increases, despite the highest mortgage rates in two decades.
Home prices soared in various regions, with the Midwest and expensive West Coast cities leading the charge. Notably, Illinois and Wisconsin dominated the top 10 markets with the largest year-over-year median price increases, showcasing significant growth:
California's high-cost markets, which faced price declines last year, are bouncing back robustly. Leading the list with substantial year-over-year gains are:
During this period, the 30-year fixed mortgage rate fluctuated between 6.60% and 6.94%. Despite this, housing affordability saw some improvement due to declining mortgage payments, with the average family spending 24.2% of their income on mortgage payments, down from 26.1% in the previous quarter.
First-time homebuyers continued to navigate a challenging market with limited inventory and high prices. However, affordability conditions improved slightly from the previous quarter, making it a crucial time for strategic purchasing decisions.
The South led in single-family home sales, capturing 46% of the market, with a year-over-year price increase of 3.3%. Meanwhile, the Northeast experienced the highest price appreciation at 11%, followed by the Midwest at 7.4% and the West at 7.3%.
The Q1 2024 report highlights a dynamic housing market with significant price increases across various regions, driven by robust demand and limited supply. If you're considering moving or investing in a home, let's connect to explore opportunities in your desired area!
Explore three crucial strategies wealth managers must adopt to prepare for significant industry shifts, including the integration of technology, recruitment of new adv… Read more
Homebuilder stocks surge as Kamala Harris proposes housing reforms and the Federal Reserve hints at rate cuts. Discover how these factors could reshape the real estate… Read more
Explore the latest insights from July's inflation data and its subtle impact on future mortgage rates. This article delves into the PCE price index, Federal Reserve st… Read more
Explore the staggering monthly costs associated with maintaining a celebrity mansion, as revealed by Jennifer Lopez and Ben Affleck’s recent real estate troubles. Lear… Read more
Explore the escalating legal battle as the National Association of Realtors (NAR) prepares to take its confrontation with the Department of Justice (DOJ) over alleged … Read more
Explore the differences between incentive and protective trusts to safeguard your wealth and support your heirs. Learn how each trust type can influence the next gener… Read more
Governor Newsom signs two bills expanding housing options in California. Learn how AB 2835 and AB 3057 aim to address homelessness and increase affordable living space… Read more
Homeowners and investors anticipating lower mortgage rates after the Fed cuts interest rates may have to wait. Learn why longer-term Treasury yields are a better indic… Read more
Discover the groundbreaking antitrust lawsuit filed by Homie against the National Association of Realtors and key industry players, alleging conspiracies to stifle inn… Read more
Let's find a time that suits you best to chat about your goals, show you how we work, and figure out how we can help you the most