HUGE changes are happening right now in the United States housing market. For example, as of last week, there’s 20% more homes for sale compared to a year ago. That marks the biggest year-over-year increase since May 2023. The rise of housing inventory is likely from 1) weakending homebuyer demand and 2) a significant rise in the number of newly listed homes (i.e. for the week ended 3/2/24, the number of new listings posted the biggest YOY increase since May 2021). Even though more homeowners are deciding to list their homes for sale, housing inventory (i.e. the TOTAL number of homes for sale nationwide) is still down 39% from 2019.
Additionally, even though average 30-year fixed mortgage rates have been at or above 6% since September 2022 (per the Mortgage News Daily), the US median sold price has increased by 5% from a year ago (data from Redfin).
In today’s video, I share my own analysis based on the latest real estate market data from Realtor.com and Altos Research and the impacts that these trends could have on our US housing market in the weeks and months ahead. Enjoy! Subscribe, share and Like!
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Compilation of Housing Market Forecast videos:
https://youtube.com/playlist?list=PLiQQpOejscIcBF1Jw2zG6Uvg7qDav_oGi
Source of reports I shared:
https://www.realtor.com/research/weekly-housing-trends-view-data-week-dec-2-2023/
https://www.realtor.com/research/data/
https://altosresearch.com/
https://www.mortgagenewsdaily.com/mortgage-rates
https://www.redfin.com/news/data-center/
https://www.realtor.com/research/february-2024-data/
To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed mortgage rate is around 6.9% for the current mortgage rates (at the time of filming this video for those with excellent credit).
Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?
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Jason Walter, CPA (inactive CPA lic 103885)
Sacramento real estate agent and native (DRE 01923240)
Mortgage Loan Officer, NMLS #2566691
Revest Homes (DRE #02174879, NMLS 2362319)
[email protected]
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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.
This video description may contain affiliate links that allow you to easily find the items mentioned in my videos as well as support the channel at no cost to you. Thank you for your support! Jason Walter is a licensed real estate agent and mortgage loan originator with Revest Homes in California (DRE #02174879, NMLS 2362319).
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