A quick dive on several important topics including national and local housing market trends:
- Median listing price down 1% year-over-year, marking the 17th consecutive week of price stagnation or decline
- New listings up 8% year-over-year, driven by falling mortgage rates encouraging more sellers to enter the market
- Active inventory up 33.2% year-over-year
- Homes on market 6 days longer than in 2023
- Median sales price still up, 5.5% year-over-year despite peaking in June
- Active listings at highest level in several years, despite number of new listings peaking in May
- Q3 2024: $3MM+ home sales up 31% year-over-year; home sales in these price brackets are at the highest level since the peak of the pandemic boom. Higher-priced homes have been outperforming the general market by a wide margin
- September 2024: Price reductions up 30% year-over-year, but still not particularly high compared to long-term norms
- Q3 2024: Average sale price 3% under list price
- Cash purchases at highest levels since 2012
- Only 25 out of 1,000 U.S. homes changed hands (Jan-Aug 2024), the lowest turnover in at least 30 years
- Homeowner's insurance policies being canceled based on satellite imagery
- Nine states surpassed pre-pandemic inventory levels by September 2024
Homeowners' Wealth Reaches New Heights
- Total homeowner equity hit $35.1 trillion in Q2 2024
- Equity now represents 73% of all real estate value, up from 46% in 2012
- Total home value owned by residents: $48.2 trillion
- Mortgage debt increased to $13.1 trillion
- Average homeowner equity: $267,000
Real Estate Data Expert | Co-Founder of List Central | Specialist in Off-Market Deals
5 个月This analysis reveals key trends in the housing market, with rising inventory and shifting buyer behavior opening new opportunities. With homeowner equity at record highs, staying informed will be crucial for navigating this evolving landscape!