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Midwest housing markets good for first-time homebuyers: Zillow

Housing Wire

The number of first-time homebuyers made up 32% of all buyers in 2023, according to a report released by the National Association of Realtors. Millennials comprised 75% of this demographic, with older millennials and Generation X (ages 44 to 58) accounting for 44% and 24% of first-time buyers.

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Compass CEO Reffkin believes agents will still be valued in a post-settlement world

Housing Wire

million net loss reported in Q1 2023. Compass executives, however, were not deterred by this news as the firm yet again finished the quarter free cash-flow positive at $5.9 million, compared to Q1 2023’s free cash-flow loss of $59 million. First, more buyers are using agents in 2023 than in 2003.

Agents 440
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Pending home sales surged in December: NAR

Housing Wire

month over month in December, according to the newest data from the National Association of Realtors (NAR). The trade organization projects a 13% increase in existing home sales between 2023 and 2024 for an annualized pace of 4.62 But new listings activity grew by 9.1% Pending home sales rose 8.3% in November.

Contracts 458
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Existing-home sales have nowhere to go but up in 2024? 

Housing Wire

million, according to the N ational Association of Realtors. Prospective home buyers experienced another difficult month due to the persistent lack of housing inventory and the highest mortgage rates in a generation,” NAR Chief Economist Lawrence Yun said in a statement. Existing-home sales dropped 4.1% Looking at the four major U.S.

Inventory 410
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Existing home sales ended the year with a whimper in 2022

Housing Wire

million, according to a report from the National Association of Realtors (NAR) released Friday. December was another difficult month for buyers, who continue to face limited inventory and high mortgage rates,” Lawrence Yun, NAR’s chief economist, said in a statement. from November to a pace of 4.02 A total of 5.03

Inventory 384
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Don’t get too excited about the jump in existing home sales

Housing Wire

This is nothing dramatic, but similar to what we saw in 2023 when mortgage rates rose from 5.99% up to 7.25%. Our data lines here at Housing — which track things weekly — show inventory is growing year over year with new listings growth as well. This means 2024 is starting to look a lot like 2023 unless rates fall soon.

Inventory 473
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Why are existing home prices rising when sales are still so low?

Housing Wire

This scenario is similar to 2023 when rates fell. The one thing that is positive this year which is different than last year is new listing data is rising year over year, nothing spectacular, but it’s a positive story for housing This means we have more sellers that will be buyers in 2024. million units, up 4.7%

Inventory 491