What's New in the Market

What's New in the Market

In the first eight months of 2024, only 25 out of every 1,000 U.S. homes changed hands, marking the lowest turnover rate in decades, according to recent data. Elevated mortgage rates, rising prices, low housing supply, and economic uncertainty have led many homeowners to stay put, with fewer listings and sales. The rate of homes sold is down 37.5% from the 2021 pandemic buying frenzy and 31% lower than in 2019. In all, suburban and rural homes saw slightly more turnover than urban ones.

Despite high interest rates and low inventory, experts don't anticipate a housing market crash similar to 2008. Instead, a market correction is still expected, with home prices stabilizing and inventory levels improving as mortgage rates gradually decline. Key factors influencing the market include inflation, employment rates, and inventory levels. While some regions may see price drops, especially where pandemic-era booms occurred, areas with strong job growth and population increases are likely to remain steady. Experts advise buyers and sellers to focus on factors within their control, such as improving credit scores. The upcoming presidential election may also influence future housing policies, but we won't know what those could be until that time.

要查看或添加评论,请登录

Josh Rawson的更多文章

  • Realtor's Confidence Index

    Realtor's Confidence Index

    The latest Realtors Confidence Index continues to show a mixed housing market. Home sales are steady, with 29% of…

  • Inflation & the Housing Market

    Inflation & the Housing Market

    Recent economic signals suggest a Federal Reserve interest rate cut is unlikely until at least September, following a…

  • What's Going on with Rates?

    What's Going on with Rates?

    Economists say don't expect a big drop in mortgage rates in 2025, which means buying or selling a home will still be…

  • First-Time Buyers Delayed

    First-Time Buyers Delayed

    Young adults today are buying homes later than past generations, with Millennials, the largest generation at 86…

  • 2025 Real Estate Predictions

    2025 Real Estate Predictions

    In 2025, experts predict the housing market will see gradual changes. Home prices will likely rise at the rate of…

    3 条评论
  • Where & Why?

    Where & Why?

    In 2024, most people moved to be closer to family and friends (30%), or to get more home for their money (21%)…

  • Buyer Struggles, Seller Gains

    Buyer Struggles, Seller Gains

    A recent profile of home buyers and sellers paints a mixed picture of today’s housing market with some interesting…

  • The Battle for Clear Cooperation

    The Battle for Clear Cooperation

    Have you heard of “clear cooperation” in real estate? If not, it's important to know that there's a battle brewing over…

  • What's New in September

    What's New in September

    Our market continues to shift quickly in the real estate world. As of the last count, pending home sales were down…

  • Don't Fall Victim to the Rate Hype

    Don't Fall Victim to the Rate Hype

    You've probably seen headlines or social media posts from others in the real estate or lending industries proclaiming…

    2 条评论

社区洞察

其他会员也浏览了