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The Quarterly report is out! What is the latest housing forecast from the National Association of Realtors (also know as the NAR)?
Hi, I’m Tanja Odzak, eXp Realty, I help people sell and buy homes right here in the East Bay!
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 Yun, “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 right here in the East Bay with home prices, days on market, and inventory… Call me today and let’s talk about it. I’m a seasoned East Bay expert with a 5-Star rating. I’ll help you navigate the market and make it happen, whether that’s selling or buying or both!
And if you or someone you know needs to sell a home, ask me about my home selling plans.. I took the pain out of negotiating with a Realtor and made it SUPER simple. Really! Choose Silver, Gold, or Platinum- Pick your Plan and Pick your Price. Terms do apply. I’m Tanja and I sell homes. Let’s get you going, Call me today!
I’m a Top Producing Realtor® in the OAKLAND / BERKELEY / EAST BAY AREA. I’ve been in the San Francisco East Bay Area since I came up to do my undergrad at UC Berkeley (a long time ago!), with a short stint at UC Davis while getting my Master’s. I take my duties as a Realtor® and Fiduciary very seriously, I enjoy educating my sellers and buyers along the way. Putting People, Before Profit.
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