U.S. homebuyers continue to grapple with the headwinds of a tumultuous market, but interest rates and price stability are offering some promise for the year ahead.
According to the latest RE/MAX National Housing Report for November 2023, the median sales price across the U.S. hit its lowest point in eight months. While that median sales price of the 52 metro areas surveyed – $405,000 – was still $13,000 higher than a year ago, it was $5,000 lower than the average price in October 2023.
The report’s sales results reflect seasonal trends and the constraints of a higher interest rate environment. Home sales in November dropped by 9.8% compared to October. Homes sold spent an average of 40 days on the market, four days longer than in October and only one day longer than in November 2022.
“Although November results are in line with trends we’ve seen this year, there’s reason to think 2024 could be more active, especially with prices and interest rates coming down a bit recently,” says Nick Bailey, President and CEO of RE/MAX, LLC.
Rising interest rates have slowed sales throughout 2023, but they’ve started to drop in recent weeks -finally dipping below 7% for some 30-year conventional loans.
As always, some factors are dependent on location.
“When we look at the national picture, it’s a collection of local snapshots, each with different conditions. As the report shows, new listings in a few markets, including Omaha and Orlando, were up more than 25% year over year, while they decreased in others,” Bailey continues. “So, while the results tell an overall story, the key for homebuyers and sellers is to work with a local real estate agent who can speak to the unique local conditions.”
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Written by RE/MAX News
