Does housing data show a strong 2024 market?
New listings, existing inventory and home sales have seen a dip this past week, as expected based on seasonality, but why is Altos Research seeing promising signs for the housing market in 2024?
There are 1.2% more homes available right now than last year at this time, and the gap is widening each week. If this trend holds, it could mean more available inventory at the start of 2024, and potentially see lower prices.
Price cuts in available listings are also off their peak for the year, but still at 38.7% which is higher than normal. This is a reflection of home affordability improving and indicates that demand isn’t there for current pricing points on the market. If this continues into 2024, home prices could see improvement.
Which housing markets could see sales growth in 2024?
According to a recent report from Realtor.com, the housing markets that saw the biggest sales declines in 2023 are predicted to achieve double-digit growth in 2024. Home sales are predicted to rise nationwide in 2024, but specific areas in the Northeast, Midwest, and Southern California are expected to rebound.
Several markets in California, including Oxnard, Riverside, Bakersfield, San Diego, and Sacramento are among the markets slated to see improvement next year. All five California metro areas listed are projected to average sales growth of 13.1% in 2024. Oxnard topped the list with a sales growth prediction of 18.1% in 2024, according to the report.
Other metro areas making the list included Toledo, OH, Las Vegas, NV, and Springfield, MA.
Could mortgage payments drop in Colorado in 2024?
While housing will continue to be a challenge in Colorado in 2024, there may be improvement in affordability in the coming months. A recent article from the Denver Gazette highlighted the same report on home price predictions from Realtor.com as previously mentioned.
Home sales are expected to decline in the Denver metro area by 15.3% in 2024, but the decrease will be accompanied by a 5.1% decline in home prices. Also, the Colorado Springs metro area is expected to see a 11.5% decline in sales, but also get a 1.5% decrease in home prices.
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