As we head into the 2024 spring selling season, we are looking ahead to what the rest of the year is likely to have in store. To do that, we need to first reflect on what we learned in 2023 and how it has set up what we are seeing in today’s market.
There is no question 2023 was by any measure a difficult year for the U.S. housing market, ending the year with about 3.8 million existing home sales, which was down from about 5.1 million in 2022 and down from 6 million in 2021.
The Good News
Yes, there is good news! And that is the fact that there is still a lot of pent-up demand, driven by demographics. We currently have the largest number of young adults between the ages of 25-34 ever recorded in history, and they overwhelmingly want to become homeowners. As market conditions gradually improve – and we believe they will – there will be a cohort of customers ready to bid on listings.
