Market Update: Insights for Homeowners & Investors
Looking to buy or sell a house and wondering about the current 2024 market trends?
Here's a snapshot of what our report reveals:
Mortgage Interest Rates: In the last two months of 2023, the average weekly 30-year mortgage interest rate decreased from 7.79% to 6.61%.
CPI Inflation: CPI inflation saw a decline in 2023, dropping from 6.3% in January to 3.1% in November.
Market Performance: The S&P Index experienced a 25% increase, and the Nasdaq surged by 45% in 2023.
Home Values: According to the Case-Shiller Home Price Index, national home values reached a new peak in 2023.
New Listings: The number of new listings in 2023 hit a historic low, contributing to the lowest annual sales total since the Great Recession.
Looking ahead, experts forecast:
Home prices to rise by 2.8% by the end of this year, with an additional 1.5% increase projected for 2024 at a national level.
Anticipated growth in home sales for 2024 indicates increased activity and more options for buyers.
It's important to note that despite projected growth, heightened buyer activity may lead to increased competition. With recent drops in interest rates, we're witnessing a resurgence of buyers entering the market after a temporary slowdown.
For those interested in delving deeper into the data, the full Compass National Real Estate Insights report is available below. Explore the latest trends, gain valuable insights, and stay ahead in today's dynamic real estate market.
