Spring 2024 Must Know Real Estate Market Facts

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On today’s show Tim and Julie Harris give you the bottom line, hard cold facts about this real estate market. Know these facts when speaking with the public about what is truly going on in the housing market. This is an election year and that means the fear and loathing over the economy, housing market, interest rates and inflation, social issues will only intensify. You know that the headlines can’t be trusted, but the facts can.

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Here are the facts.

*Inventory rose again, albeit modestly, from 556,000 listings to 560,000 actives.

*The same week last year, inventory actually fell from 421,000 to 420,000.

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*For context, the all-time low (ever!) was only 240,000 active listings in 2022. And for more context, pre-COVID, pre-COVID Boom, in 2015, listings were at 1,081,000.

*Where are you finding inventory for your buyers?

*33% of listings have at least one price reduction before selling.

*All in all, the total number of homes active for sale is up 30%.  That’s 6 straight months of inventory growth.

*The median home price is slightly up from last year, at $430,000.

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*Nationwide, the average days on the market are 47.

From NAR this week:

National Association of Realtors® Chief Economist Lawrence Yun forecasts that interest rates will fall in the long term, 2024 existing-home sales will rise to 4.46 million (up 9% from 4.09 million in 2023), and 2025 existing-home sales will increase to 5.05 million (up 13.2% from 2024).

Yun also explained that rents will calm down further, which will hold down the consumer price index (CPI) and make the Federal Reserve cut interest rates.

Yun said that based on April’s employment data, there are six million more jobs compared to the pre-Covid highs, and jobs are boosting home prices.


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