First-time buyers represented 32% of buyers, up from 26% in February 2024 and 28% in March 2023. Among all buyers, 15% purchased for non-primary residence use, down from 21% last month and 17% last year.
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While more listings came on the market last month, the increased competition among sellers didn’t appear to hurt home prices. The median existing-home sales price increased 4.8%, reaching $393,500—the highest price ever recorded for March, NAR reports.
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NAR Chief Economist Lawrence Yun argues rates are the reason for the decline, saying 'Though rebounding from cyclical lows, home sales are stuck because interest rates have not made any major moves.' #NAREHS
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60% of respondents reported that properties sold in less than one month, up from 56% a month ago and down from 65% in March 2023. Homes listed received an average of 3.1 offers, up from 2.7 offers last month and flat from one year ago (3.2 offers).
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March 2024 brought 4.19 million in sales, a median sales price of $393,500, and 3.2 months of inventory. #NAREHS
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According to NAR's Housing Affordability Index, housing affordability declined nationally in February compared to the previous month. The monthly mortgage payment decreased by 3.0%, while the median price of single-family homes declined modestly by 1.5%.
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Existing Home Sales Fell Less Than Expected. CNBC’s Diana Olick Reports On The Latest Existing Home Sales Data:
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While the COVID-19 pandemic battered the commercial real estate market in 2020, the land market held up to the pandemic's severe blow.
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First-time buyers represented 32% of buyers, up from 26% in February 2024 and 28% in March 2023. 29% of homes sold above list price, up from 20% last month and 28% one year ago.
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March 2024 brought 4.19 million in sales, a median sales price of $393,500, and 3.2 months of inventory. The median sales price is up 4.8% year-over-year, and inventory was up 0.5 months from March 2023. #NAREHS
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Instant Reaction: Mortgage Rates, April 18, 2024
'Mortgage interest rates increased to 7.1% this week, moving above the mid-6% range for the first time since December 2023.'
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