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HOUSING NEWS |
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New single-family home sales rose again in January and are up from a year ago. Good news for buyers, the median sale price is 15.3% below its 2022 peak, and supply is up 160% from its 2022 bottom. There’s still a shortage of pre-owned homes for sale. That’s the big reason why the Pending Home Sales index of signed contracts on pre-owned homes slipped in January and is down from its level a year ago. But more buyers are showing up. The Mortgage Bankers Association reports applications for purchase mortgages last week rocketed up 11% over the prior week. They had been down for more than a month. |
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MARKET VIEWS |
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According to Realtor.com, sellers are showing up too: “The first couple of months of 2024 have proven to be positive for inventory levels, as the number of homes actively for sale is at its highest level since 2020.” Both new listings and the total inventory of homes for sale keep going up weekly. Homes are selling quickly, perhaps because sellers aren’t getting greedy, as the median listing price is up less than 1% from a year ago. And more homes are on the way. The amount builders spent on residential construction in January was up for the month, and spending on much-needed single-family builds is now up 12.5% from last year. DID YOU KNOW?… A recent survey discovered that location is no longer the number one buyer priority—56% of U.S. consumers said price is now the most important factor when choosing a home. |
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MORTGAGE WATCH |
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The national average 30-year fixed mortgage rate moved lower in Freddie Mac’s latest Primary Mortgage Market Survey. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information. |
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BUYER TIP |
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With more homes coming on the market, you have more choice, but inventory is still down from where it was before the pandemic and there are plenty of buyers. So, keep your have-to-haves to the minimum and be prepared to move fast. |
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SELLER TIP |
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| If you’re thinking of listing in the hot spring selling season, start getting your home ready now. Declutter and organize your spaces. Deep clean the kitchen and bathrooms, and spruce up the yard. We’re happy to guide you through the process. |
| Samson Badal Real Estate Agent Coldwell Banker-Sun Ridge Real Estate Direct: (916) 468-4245
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