Friday, February 23, 2024 / by Robert Hunt
January 2024 Durham Market Update
Take a look at the most recent market stats here!!
Exciting updates in the housing market! While existing-home sales saw a slight dip, pending sales surged, indicating a promising trend for homebuyers. With mortgage rates on the decline and NAR forecasting a significant increase in sales this year, now is the time to seize.
January Summary:
U.S. existing-home sales slipped 1.0% month-over-month and were down 6.2% year-over-year as of last measure, while pending sales jumped 8.3% from the previous month, marking the largest gain since June 2020, according to the National Association of REALTORS® (NAR). Mortgage rates have dropped significantly from their peak last fall, and homebuyers are beginning to come out of the woodwork, with NAR forecasting a 13% increase in existing-home sales this year compared to 2023.
Exciting updates in the housing market! While existing-home sales saw a slight dip, pending sales surged, indicating a promising trend for homebuyers. With mortgage rates on the decline and NAR forecasting a significant increase in sales this year, now is the time to seize.
January Summary:
U.S. existing-home sales slipped 1.0% month-over-month and were down 6.2% year-over-year as of last measure, while pending sales jumped 8.3% from the previous month, marking the largest gain since June 2020, according to the National Association of REALTORS® (NAR). Mortgage rates have dropped significantly from their peak last fall, and homebuyers are beginning to come out of the woodwork, with NAR forecasting a 13% increase in existing-home sales this year compared to 2023.
New Listings in the Triangle Region increased 17.2 percent to 3,507. Under Contract Sales homes decreased 0.4 percent . Inventory decreased 25.9 percent to 5,506.
Median Sales Price decreased 1.1 percent from $385,150 to $381,000. Days on Market decreased 7.1 percent to 52. Months Supply of Inventory decreased 17.4 percent to 1.9.
Despite tepid sales activity, the persistent shortage of housing supply has helped prop up home values nationwide, with the median existing-home price rising 4.4% year-over-year to $382,600, according to NAR. Total unsold inventory was at 1 million units heading into January, an 11.5% decline from the previous month, for a 3.2 months’ supply at the current sales pace. Nationally, listing activity has started to pick up, and with mortgage rates stabilizing and housing completions on the rise, inventory is expected to improve in the coming months.
