National Real Estate Insights – February 2024

Report Highlights

  • Year over year, the median existing-single-family home sales price was up 5%, and the median condo/co-op sales price up 5.7%. Due to seasonal supply and demand dynamics, median sales prices typically climb early in the year to peak in late spring.
  • Year over year, total existing-home sales were up 1.3% in January, but the number of homes selling for $1,000,000+ jumped 27%. Affluent buyers appear to be jumping back into the market more quickly, perhaps due to spectacular rebounds in stock markets.
  • The number of new listings coming on market was up 25% from December, and should continue to climb rapidly through spring, but inventory remains far below long-term norms.
  • The percentage of all-cash purchases hit its highest monthly point in almost 10 years, and the average number of offers received was the highest since last summer.
  • As of February 22nd, interest rates have ticked up, but remain well below those seen in October 2023. Consumer confidence remained positive after the large jumps in December and January. The January inflation reading declined slightly, but not as much as analysts expected.

Note that January statistics based on closed sales – sales prices, sales volume, days-on-market, overbidding, and so on will mostly reflect listings that went into contract in late 2023, generally speaking the slowest market of the year. Spring, typically the most active and most competitive selling season, should soon result in substantial changes in all these indicators.

A national report is a huge generalization of conditions and trends across thousands of different markets of varying values, conditions and trends. Data from sources deemed reliable, but may contain errors and subject to revision. Last period figures are sometimes labeled preliminary. All numbers should be considered approximate. February sales data becomes available in late March.

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