What does the data say about the spring housing market?
The latest report from Altos Research is available, and it paints an interesting picture of the current housing market.
Mortgage rates are a bit elevated in the middle of the spring home buying season, but so is home inventory. There are currently 526,000 single-family homes available nationwide. That’s up 2.6% week-over-week, but up over 30% when comparing this week the same time period last year.
The median home price of single-family homes that went into contract was at $389,000 last week. This is 1% higher than the same time period last year, but it’s actually down 1% week-over-week.
As inventory increases, we’ll have to watch out for weakness in pricing. Homes staying on the market for longer, undergoing price cuts, and seeing fewer buyers has the potential to lead to prices coming down.
Which metros are attracting Gen-Z homebuyers?
A recent report from Realtor.com detailed the metro areas that have seen an increase in Gen-Z homebuyers becoming homeowners.
First, Gen-Z is very much focused on affordability. So much so that metro areas with the median home price below the national average are becoming hotbeds for younger homebuyers to make their first purchase. Second, the U.S. housing market has also seen an increase in Gen-Z homebuyers buying into areas that were known as military communities.
The top metro area on the Realtor.com list fit both criteria. Jacksonville, NC saw 17.9% of homes sold in March 2024 to Gen-Z homebuyers. Elkhart, IN, an area known for affordable homes, came in second place at 17.8%. Rounding out the top three was Lima, OH at 17.4%.
When is the best time to sell a home in 2024?
According to recent data, the best time to sell a home in 2024 may be rapidly approaching. The team at Fox Business took a look at data from Realtor.com, and based on current market conditions and historical trends, home prices may hit their spring peak during the week of April 14-April 20.
The Fox Business review confirms an earlier report that pointed to the same time frame as the peak of the market. That analysis took the number of buyers, listings prices, and seasonal trends into account to determine the period most favorable to sellers.
Danielle Hale, Realtor.com’s chief economist, stated, “We’ve got the most favorable balance of all of these factors for sellers. It suggests they will be able to sell quickly at a good price and be happy with the outcome.”
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