Tag Archives: median sale price

"We are seeing increases in inventory and, importantly, gains in newly listed homes for sale indicating sellers are more ready to make moves," said Danielle Hale, Chief Economist of Realtor.com. "Time on market fell, signaling that buyers are ready to make offers on these new options."

According to new research from the Joint Center of Housing Studies, the lack of homes for sale that has affected the nation is one of the main causes of Americans' affordability concerns.

With the new year underway, a new survey from Home Bay revealed the benefits of owning a home, how buyers and renters feel about achieving homeownership in 2024, and the quality of life and happiness it provides.

According to Redfin's latest Housing Market Update, inclement weather that froze parts of the U.S. slowed overall homebuying activity recently. Conversely, agents in warmer regions report that buyers and sellers remain active, despite mortgage rates remaining in the high-6% range.

In 2022, the median sale price for a single-family home in the US was 5.6 times higher than the median household income—higher than at any point on record, dating back to the early 1970s.

According to a recent Realtor.com survey, more than half of all first-time homebuyers indicated that now is a good time to buy, as moderating price growth and mortgage rates are expected to help improve affordability throughout 2024.

A new report notes that 2023 foreclosure filings were up from 2022 but still below pre-pandemic levels. "Reflecting on 2023, we see the recent rise in foreclosure activity as a market correction rather than a cause for alarm. It signals a return to more traditional patterns after years of volatility," said Rob Barber, CEO at ATTOM.

While the total number of listings is down year-over-year, a new Redfin report revealed that mortgage applications are rising as more home sellers list their homes on the market, offering buyers a lower rate from their October-high and more inventory to choose from.

“Mortgage rates are dropping due to easing inflation and investors betting the Fed will cut interest rates sooner than expected," said Redfin Economics Research Lead Chen Zhao. “Declining rates, along with a sizable year-over-year increase in new listings, are leading to more favorable conditions for some buyers."

A recent Point2 study examined America’s fastest-selling and most expensive ZIP codes, showing that while inventory fell dramatically in some of the nation’s priciest markets, homes are selling faster than the year before, with some million-dollar estates selling in just one week.