2024 Housing Market Insights: Unexpected Trends, Mortgage Rates, and a Noble Cause for Heroes
As we approach the end of 2023, the housing market is showing unexpected trends. Mortgage rates have dropped for the third consecutive week, reaching 7.44% for a 30-year fixed-rate mortgage as of November 16, according to Freddie Mac. This is a reversal from the previously anticipated climb towards 8%.
The decline in mortgage rates could make 2024 a favorable year for homebuyers, attracting more potential buyers to the market due to continued economic strength and lower inflation, as stated by Sam Khater, Freddie Mac's chief economist.
However, the housing market's ultimate outcome hinges on two variables: the number of homes for sale and their pricing. Falling Mortgage Rates may increase buyer activity, potentially putting pressure on home prices amid low inventory levels. Yet, if homeowners respond by entering the market, a more balanced housing market could emerge.
In terms of pricing, median home prices increased by 0.7% over the previous year, reaching $425,000 in October. Home prices have remained relatively flat since mid-July, primarily due to homeowners with low-rate mortgages choosing to stay on the sidelines, limiting available inventory and supporting prices.
On a positive note, new listings saw a significant spike, rising by 6.4% compared to the previous year for the week ending November 11. This increase, coupled with a 0.6% rise in the total number of homes for sale (both new and old listings), breaks a 20-week streak of inventory levels below the previous year.
Despite these positive signs, the housing market remains undersupplied from a longer-term perspective, with for-sale homes registering 41.8% below typical pre-pandemic levels in October. However, motivated homebuyers are acting swiftly, with listings spending two fewer days on the market compared to the previous year.
As a company dedicated to supporting positive initiatives, we are proud to announce that we are contributing a portion of our income from homes sold to the Tunnel to Towers Foundation. This foundation is actively involved in eradicating veteran homelessness, and our commitment aligns with their mission to make a meaningful impact on the lives of those who have served our country.
At Your Home Sold Guaranteed Realty Prime Time, we are proud supporters of the Tunnel to Towers Foundation and their mission to provide mortgage-free smart homes to injured veterans. We believe in giving back to those who have sacrificed so much for our country, and we want you to be a part of this noble cause.
With every transaction involving buying or selling homes, we commit to donating a portion of our income to the Tunnel to Towers Foundation. By choosing us as your trusted real estate partner, you're not only receiving exceptional service but also contributing to the well-being of our heroes.
But that's not all! We need your help to make an even greater impact. When you refer clients to us, you're not only helping them navigate their real estate journey smoothly but also joining us in supporting our veterans. Each referral you send our way becomes another opportunity to give back.
You can go to www.HelpUsHelpTheHeroes.com and enter their contact info online or forward the link to whom you know considering a move.
Of course, you can always call me direct as well at 813-359-0880
Over a decade of helping hundreds of families sell their homes and/or buy another, we have met some wonderful, loving, caring people. People like you! So those you know considering a move that we help you have my word that we will do our very best in helping them buy or sell the place they call home.
Ernest Van Glahn
Selling Your Home and Getting Top Dollar!
Call me TODAY for a free consultation.