What Are The Latest Housing Stats for May 2024

As we start to move in the second half of 2024, Buyers and Sellers, are you curious to know the latest housing stats? Hi, I am Krista Mashore with eXp and The Mashore Group here to give you your National Market Update. According to Realtor.com, mortgage rates are currently pushing a bit upward, however purchase demand remains steady. To help buyers with the frustration of the uptick in rates, home prices fell a bit in April with the median home price down about 1.1% compared to this time last year. We are still seeing an increase in Inventory with 13.5% new listings on the market nationally. This increase in inventory is also helping buyers battle affordability challenges with more properties to choose from to make an offer. Along with the pent up buyer demand over the last year, there are also pent up sellers wanting to move. Realtor.com is reporting 80% of homeowners have been thinking of selling for the last 1 to 3 years. Those that need to sell are no longer holding off and listing their home despite having to move into a higher mortgage rate on their next purchase. In addition, we are starting to see an influx of smaller, lower priced properties hit the market to help offset the higher priced homes. In some regions, we are seeing multiple offers and shorter days on market especially on the West Coast. Overall, the national market continues to remain on a seesaw with its ups and downs and mortgage rates still the wild card. If you would like more information on housing data in your local market area, give us a call. Let us help plan your next big move. I am Krista Mashore and when you do what you love, people love what you do!

Krista posses a Master's Degree in Education, previously employed as a School Teacher. Her excellence derives from her outstanding communication, skills, expertise in marketing, and her optimistic attitude towards life in general. Pristine Customer Service to her clients is a top priority. Krista has a natural ability for developing trust by her client base.

Her attitude is characterized her slogan: "When You Do What You Love, People Love What You Do."