Published by

Scott Jackson

Existing Home Sales Sizzle in January 2024: What Buyers and Sellers Should Know

Buckle up, housing market watchers! After a recent dip, existing home sales in January 2024 made a fiery comeback, offering valuable insights for both buyers and sellers. Let’s dissect the data and see what it means for your next move.

Sales Surge, Inventory Simmers: Existing home sales jumped 3.1% compared to December, reaching a seasonally adjusted annual rate of 4 million units. This marks the highest level in five months, indicating a renewed buzz in the market. Additionally, available homes (inventory) saw a 2% increase, offering buyers more options to explore.

Price Power Persists: While sales are heating up, prices remain relatively stable. The median sale price for existing homes hit a record high of $379,100, up 5.1% year-over-year. This suggests a continued seller’s market, but without the dramatic price hikes seen earlier.

Regional Roundup: The sales surge wasn’t uniform across the nation. The West and South saw the most significant jumps, with sales increasing 6.1% and 5.3% respectively. The Northeast remained stable, while the Midwest experienced a modest 1.9% increase.

Navigating the New Landscape:

Buyers:

Selection Sizzle: Rejoice! Increased inventory translates to more options, giving you a better chance of finding your dream home.
Price Plateau: While prices remain high, the lack of recent spikes offers some stability in your budget planning.
Swift Action Still Key: Don’t get complacent! Competition can still be fierce in certain areas, so be ready to move quickly when you find the right fit.

Sellers:

Market Momentum: The sales rebound indicates strong buyer demand, potentially making this an ideal time to sell.
Price Power: Record-high median prices suggest you could fetch a premium for your property, maximizing your return on investment.
Strike While the Iron’s Hot: Considering listing soon? Capitalizing on the current market momentum could lead to a smoother and faster selling process.
Knowledge is Power: Knowing the value of your home is crucial to protecting your equity and maximizing your profit. Get a free home value report at: https://www.pricemyhomeidaho-treasurevalley.net

I’m Scott

Ever wondered what truly makes a house tick? As a real estate agent with over a decade of appraisal experience, I’m here to demystify the world of property valuation and market analysis. Dive into my blog for in-depth insights, data-driven breakdowns, and expert tips to navigate your real estate journey with confidence. Whether you’re buying, selling, or simply curious about market trends, I’ll unlock the secrets hidden within every brick and mortar. So, step inside, explore, and let’s unlock the true value of your real estate dreams together!