Real Estate News 01/08/2024

Today’s News Synopsis:

The median U.S. housing payment is down nearly $400 from its October peak, enticing some sidelined buyers to get back in the game. Redfin’s Demand Index, which measures early-stage demand, is up 10% from a month ago.

In The News:

Redfin – “Homebuyers’ Monthly Payments Drop to Lowest Level in Nearly a Year, Bringing Back Some House Hunters“ (01-04-24)

“The median U.S. mortgage payment was $2,361 during the four weeks ending December 31, down $372 (-14%) from October’s all-time high to its lowest level in nearly a year. ”

 Fox5-  “2024 may finally be good year to buy a home, experts say” (01-03-2024)

“”The worst in home sales is over. The worst in housing affordability is over. This year will be a year of home sales recovery,” Lawrence Yun, chief economist at the National Association of Realtors, told FOX Television Stations. ”

NAAHQ  –  “What Residents Want—and Why” (01-02-2024)

“Apartment residents have more options to consider when choosing a place to reside, and owners and property managers are paying heed to what appeals most.”

NAR –  “December 2023 Commercial Real Estate Market InsightsHome Sales Start to Rise, Building Momentum for 2024” (01-08-24)

“In 2023, inflation and interest rates emerged as the twin pillars steering the economic landscape and, consequently, the dynamics of the commercial real estate sector. ”

Redfin –  “A Reprieve for Renters: Costs Drop for Third Straight Month in December” (01-08-24)

“Rising supply has led to rising vacancies, motivating landlords to lower asking rents, which fell 1% from a year earlier. Rents dropped in the South and the West, but continued climbing in the Midwest and Northeast.”