"Navigating the US Housing Landscape: Highs, Lows, and the Pursuit of Balance"
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"Navigating the US Housing Landscape: Highs, Lows, and the Pursuit of Balance"
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About this listen
Despite high mortgage rates averaging 6.88% as of late October 2024, the market remains robust due to strong demand from first-time buyers and a persistent shortage of homes[2][4]. The tight housing inventory, with just a 4.3-month supply, continues to favor sellers, although it has improved from the previous year[4].
Emerging trends include a potential stabilization of mortgage rates, which could spur more activity in the market. Experts forecast a 2.5% increase in home prices in 2024 and a 2.1% increase in 2025[2]. However, the uncertainty over rates and the upcoming election could keep price growth expectations muted[1].
Consumer behavior has shifted slightly, with existing-home sales in September down by 3.5% from the previous year, indicating a softening in the volume of home sales[4]. However, if mortgage rates dip further, this trend may pivot, encouraging more sellers to trade their existing homes and add much-needed inventory to the market[4].
Industry leaders are responding to current challenges by emphasizing the need for more supply. Lawrence Yun, Chief Economist at NAR, notes that more supply is beginning to appear, which could be an early indicator of more home sales later as consumers see more choices and home prices stabilize[4].
Comparing current conditions to the previous reporting period, the housing market has seen a slight increase in inventory levels, but it remains a seller's market. The average 30-year mortgage rate has decreased from its peak but is still high, affecting home-buying decisions[4].
Key statistics include:
- Home prices increased by 3.9% year over year in August 2024[1].
- The median home-sale price was $404,500 in September 2024[4].
- The 30-year mortgage rate averaged 6.88% as of late October 2024[4].
- The housing inventory had a 4.3-month supply as of September 2024[4].
Overall, the US housing industry is navigating a complex landscape of high prices, limited supply, and fluctuating mortgage rates, with industry leaders focusing on the need for more inventory to balance the market.
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