What’s the Latest NAR Report on Housing as of May 2024

The Quarterly report is out! What is the latest housing forecast from the National Association of Realtors? Hi, I am Krista Mashore with eXp and The Mashore Group. Here are some of the key highlights from the latest NAR report on the state of the housing market. Pending Homes. Pending home sales increased 3.4% nationally in March over last year. We saw an uptick in contract signings in the Northeast, South and West regions but also a slight dip in the MidWest. As pointed out by NAR chief economist Lawrence Yu, “As we see an increase in pending sales, meaningful gains will only occur with declining mortgage rates and rising inventory”. Existing Homes Sales. NAR also forecast that existing home sales will rise by 9% in 2024 to 4.46 million homes from 4.09 million in 2023. They are predicting inventory will grow steadily with more new home construction and life changing events that will require homeowners to sell, move up or relocate. Median Home Prices Median home prices will increase 1.8% in 2024 to $398,800. We will continue to see home prices rise and it is noted most homeowners are in a strong financial situation with their equity and current market conditions with only 2% of sales being distressed or foreclosures. NAR also expects home sales to steadily improve and prices to hit record highs in some regions. Of course, this report looks like we are trending in the right direction but as we know the real estate market is very volatile and ever changing. If you would like to know more about what is happening in your local area with home prices, days on market, and inventory please reach out to my team and I so we can give you a complete report on what’s happening in Real Estate in your neighborhood. In 2018 Krista Mashore sold over 22 Million dollars worth of Real Estate and is named in the Wall Street Journal within the Top 100 Agents Nationwide. Please see the article at The Wall Street Journal. To see Krista's local recognition check out this link featured in the Brentwood Press Kristas expertise and professionalism is revealed not only in the 14 years in Real Estate but also by being within the top 1% of all Realtors in Contra Costa County continuously since 2002. 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."