December numbers are in. Here’s the scoop:
Existing-home sales across the US rose in December climbing 0.8% from the previous month and breaking a five-month streak in which sales declined, according to the National Association of REALTORS® (NAR).
Despite the increase, sales were down compared to the same period last year, as affordability challenges continued to hinder prospective buyers. Most of this period’s closed sales went under contract in October, when mortgage rates were at a two-decade high.
With rates having dropped more than a full percentage point since then, existing-home sales are forecasted to pick up in the coming months.
With average, 30-yr mortgage rates DROPPING, and inflation abating, the outlook for 2024 is positive. That being said, homebuyer demand is picking up, and without a significant increase in supply, experts believe home prices will likely remain elevated for some time to come.
NOTE: There are two photos. One is for detached homes in North county, SD and the other is for attached (condos and townhomes). If you would like specific cities or zip codes reach out to me for a more tailored synopsis.
Every buyer and seller’s situation is different and personal. Is it the right time for you to buy or list your property? Give me a call and let’s assess together. I will provide you accurate and relevant data so you can make the most informed decision possible.
Kara Brem REALTOR®
DRE Lic. #01939667