For both existing and new homes, last week revealed some preliminary indications that an uptick in activity was underway. The hints worth musing over arrived in the National Association of Realtors®’ latest rundown on U.S. housing activity. Key findings:
- Existing home sales registered a 14.5% increase in sales. That was the largest monthly increase in percentage since July 2020.
- Pending home sales (that is, contract signings) rose by 8.1%. That constituted the second monthly rise in a row, although it was a step down from last year’s number.
The statistical release was accompanied by projections based on the trends the data indicated:
- NAR “anticipates the economy will continue to add jobs throughout 2023.”
- They project that the 30-year fixed mortgage rate will drop steadily to an average of 6.1% this year, and 5.4% in 2024.
- Even with improving mortgage rates, expectations are for an 11.1% sales falloff for this year before a 17.7% existing home jump in 2024 and a 19.4% rise in new home sales.
- A minor decrease in median home prices this year will be followed by “positive traction of 3.1% in 2024.
Contact Your Mortgage Specialist in Florida Today!
The NAR’s “latest activity” covers the month of February (March will be forthcoming soon). Closer to home, for the latest South Palm Beach housing activity (where “latest” really IS the latest), call us at (561) 316-6800 to get started.
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