Let’s take a midyear look at the U.S. housing market, and some of the factors driving current trends. First, we’ll review existing and new home sales and prices, then at available inventory of homes for sale, housing starts and permits and finally what seems most likely to happen over the second half of the year.
2023 was a difficult year for home sales, particularly existing home sales, which totaled approximately 4 million units and was the lowest number of homes sold in the last 25 years.
> Read insights about real estate investor activity
Home prices, on the other hand, increased by almost 6% last year. That increase, coupled with stubbornly high mortgage rates, made affordability a challenge for many interested homebuyers last year, and it seems like we’re seeing more of the same in 2024. But let’s take a look at the underlying data, and glean insights that might give us an advantage over our competition in the months ahead.
Click on the report below to read more.
