MARKET February 12, 2024

Market Snapshot | January 2024


Monthly Recap

– Kansas City Association of Realtors
U.S. existing-home sales slipped 1.0% month-over-month and were down 6.2% year-over-year as of last measure, while pending sales jumped 8.3% from the previous month, marking the largest gain since June 2020, according to the National Association of REALTORS® (NAR). Mortgage rates have dropped significantly from their peak last fall, and homebuyers are beginning to come out of the woodwork, with NAR forecasting a 13% increase in existing-home sales this year compared to 2023.
Closed Sales decreased 4.1 percent for existing homes and 12.4 percent for new homes. Pending Sales decreased 11.1 percent for existing homes and 10.5 percent for new homes. Inventory decreased 4.4 percent for existing homes and 16.8 percent for new homes.
The Median Sales Price was up 5.3 percent to $258,000 for existing homes but decreased 5.3 percent to $532,350 for new homes. Days on Market remained flat for existing homes but increased 77.8 percent for new homes. Supply increased 8.3 percent for existing homes but increased 10.4 percent for new homes.
Despite tepid sales activity, the persistent shortage of housing supply has helped prop up home values nationwide, with the median existing-home price rising 4.4% year-over-year to $382,600, according to NAR. Total unsold inventory was at 1 million units heading into January, an 11.5% decline from the previous month, for a 3.2 months’ supply at the current sales pace. Nationally, listing activity has started to pick up, and with mortgage rates stabilizing and housing completions on the rise, inventory is expected to improve in the coming months.
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