Does housing market data say sellers are back?
According to the most recent report from Altos Research, home inventory is actually up 3.2% when comparing the current market to last year’s market at the same time. This indicates that we could see more inventory at the start of the year and has the potential for 2024 to start with a stronger market than last year.
We also had 11% more new listings this past week than we had at the same time last year. Mike Simonsen of Altos Research stated that this makes the market look like it’s finished contracting and has started slowly expanding.
When it comes to price, 37.6% of homes on the current market have seen a price cut. Anything above 30%-to-35% is considered above normal. Price cuts are considered by some experts as a leading indicator for home prices.
What are the top real estate & design trends for 2024?
The team at the National Association of Realtors has surveyed its members and created a list of the top market and design trends that could help shape the 2024 real estate market.
Challenges with available home inventory may continue to be an issue in 2024. Older homeowners are looking to stay put instead of buying back into an elevated market. However, there will likely be a trend towards townhomes and smaller single-family homes for new construction.
Sustainable energy use is also likely to continue to increase in 2024, and it’s popping up on more and more ‘must-have’ lists for homebuyers.
When it comes to colors, expect to see darker neutral colors on the exterior of homes. Colors like midnight blue, charcoal gray, and true black give homes a bold look, and allow homeowners to contrast with landscaping.
Homebuilder sentiment rises
According to recent data from the National Association of Home Builders / Wells Fargo Housing Market Index, confidence among builders has rebounded from an 11-month low. The survey that measures the pulse of the single-family housing market, rose to a mark of 37. This is up three points from the previous month.
The increase in confidence was credited to the recent decrease in mortgage rates.
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