Unveiling Altos Research's Shocking 2024 Housing Predictions #housingmarket2024, #realestateoutlook

Unveiling Altos Research's Shocking 2024 Housing Predictions #housingmarket2024, #realestateoutlook

Will 2024 be a year of home sales growth, normalizing inventory and the return of typical price gains? Altos Research seems to think so.

If we haven’t met, my name is Nathan Necochea and I’m a realtor here in Orange County CA and today I’ll be giving you the Cliff’s Notes version of an Article and accompanying video put out by Housing Wire from Mike Simonsen President and founder of Altos Research. If you don’t need all the charts, graphs and in depth explanations, the article provides a great synopsis of the more detailed information you’ll find in the video. The links to both will be in the description below, now let’s highlight some of the main points that are important for potential buyers and sellers…

VIdeo Insights:
Inventory is increasing, but not at a dramatic pace. There are currently 449,000 single-family homes unsold on the market, which is 6% more than last year at this time. However, inventory is still below pre-pandemic levels.

New listings are also increasing. The number of new listings is 9% higher than last year at this time. This suggests that more sellers are entering the market.

If mortgage rates continue their downward trend, we should see inventory continuing to slowly increase. If, by some break in the multi-verse rates drop drastically into the 5’s, expect to see overall inventory levels decline further. It’s not that lower rates won’t motivate owners to sell, it’s that demand would react so aggressively that there’s no chance for new listings to keep up. That’s why despite buyers and sellers preferring rates come down faster, a steady decline is more beneficial for the market because it allows inventory to build slowly while keeping home prices in check.

Sales are increasing. The number of homes in contract is 4% higher than last year at this time. This suggests that buyer demand is strong.

Price reductions are dropping. In a typical market between 30-35% of listings face a price reduction. The percentage of homes that have taken a price cut is lower than it was last year. This suggests that sellers are confident that they can get their asking price and that the demand is there.

Home prices are expected to rise 3-5% in 2024. The median price of all single-family homes in the US is now $418,000, and it is expected to reach an all-time high in June.

Expecting home sales growth of 15% in 2024

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References/Credits/Additional Links:

Video Link: https://www.youtube.com/watch?v=6dp8tcVFn_c

Article Link: https://www.housingwire.com/articles/the-strong-spring-real-estate-market-will-surprise-you-altos/

Music:

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