PENDING HOME SALES CLIMB 3.4% IN MARCH
The Northeast, South, and West registered monthly gains in transactions, while the Midwest posted a loss.
March pending home sales increased 3.4%, according to the National Association of Realtors. While the Midwest recorded a loss, the Northeast, South, and West posted monthly gains in transactions. Year over year, the Northeast and South registered decreases, but the Midwest and West increased.
In NAR’s quarterly economic forecast, NAR expects existing-home sales will rise by 9% in 2024 to 4.46 million (from 4.09 million in 2023) and another 13.2% in 2025 to 5.05 million. Housing starts are predicted to rise by 1.2% in 2024 to 1.43 million (from 1.413 million in 2023) and 4.9% to 1.5 million in 2025.
Yun further notes, "Inventory will gradually rise from recent growth in home building. Additionally, many sellers who delayed listing in the past two years will start putting their homes on the market to move to a different home that better fits their new life circumstances—such as changes in family composition, jobs, commuting patterns, and retirees wanting to be closer to their grandkids."
NAR expects that median home prices will increase by 1.8% in 2024 to a record of $396,800 (from $389,800 in 2023) and another 1.8% in 2025 to $403,800. Reflecting the building of smaller-sized homes, NAR forecasts a modest reduction of 0.6% in the median new-home price to $426,100 in 2024 (from $428,600 in 2023), but it anticipates the median new-home price will leap 3.4% to $440,500 in 2025.
NAR expects home sales to steadily improve, while home prices continue to hit record highs.
"Job gains, steady mortgage rates, and the release of inventory from pent-up home sellers will lead to more sales," says Yun. "Given the lingering housing shortage, home prices will march higher, albeit much more slowly than in the past."
My commitment supported by Union Home Mortgage along with the At Home Team of Pinehurst is to educate homebuyers by providing timely and relevant market information through our investment in market intelligence, dedicated tools and products.
Respectfully,
Doug,
Yorumlar