January 2024 Insights to the Housing Market

As we start the 2024 new year. Homebuyers and sellers are you curious to know the latest stats on the national housing market? Let's take a look at the numbers. Hi, I'm Julie Mayers with Keller Williams Realty. According to Redfin, at the time of this video, mortgage applications rose 3%, bringing them to their highest levels in recent weeks.

This is partially due to the recent dip in interest rates, bringing buyers off the sidelines to make home purchases. A recent inflation report shows inflation is easing, which means it is almost certain the Fed won't hike interest rates and may begin cutting rates earlier than expected this year. All of this is good news as more sellers are jumping into the market and listing their homes.

Current data is showing new listings are up 3% from a year earlier. This is the biggest increase in listings in the last two years. So, what is driving this increase? Sellers are noticing an uptick in homebuyer demand and do not want to miss out on potential buyers for their property.

Buyers that have been waiting for a little relief in rates want to take advantage of the market. So overall, it is a good time for both buyers and sellers to enter the market. If you would like more information on housing data in your local market area, give me a call, text or email.

I'm Julie Mayers with Keller Williams Realty. It's your journey. We're here to help.