WEEKLY MARKET UPDATE April 1st , 2024

A quiet week for news saw mortgage rates drift lower while existing home sales delivered a big beat relative to expectations.?

Nice sales surprise.?February existing home sales jumped 9.5% month-over-month to a seasonally-adjusted, annualized rate of 4.4 million units — the highest figure we've seen since March 2023. The median sales price of?$384,500?was up 1.4% MoM and 5.8% YoY. [NAR]

Days on the market (DOM) continue to rise.?The median home sold in February 2024 was on the market for 38 days, up from 36 in January 2024 and 34 in February 2023. We should expect to see DOM fall as the spring selling season approaches. That could be a negative sign for price direction if it doesn't.

Multiple offers stuck at 2.7x.?It was a while ago that the average property sold had five offers. In February 2024, there were an average of 2.7 offers for every property sold, the same as in January 2024 and February 2023.

One-third of purchases were all-cash.?This is quite incredible: 33% of the homes sold nationwide in February were purchased without a mortgage, the highest figure I've seen in several decades.

First-timers are hanging in there, but it's tough.?It's already difficult for first-time homebuyers to come up with the down payment, closing costs, insurance premiums, etc. But with cash buyers offering quicker closes, it's even harder for first-timers to compete. 26% of the homes sold in February 2024 were to first-time buyers. That figure would be between 30% and 35% in a more normal market.

Thank you once again for your continued trust, friendship, and support. Here's to a fantastic April filled with new opportunities and exciting possibilities!