April 2024 Real Estate News
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In the April 2024 edition of Real Estate News, we will explore why more buyers are turning to cash, five renovations that can impact your home-owners insurance, enhancing your front door to boost curb appeal, mistakes to avoid when getting a home inspection and transforming your kitchen scraps into nutrient-rich compost. All this and more in April 2024 Real Estate News.
With Elevated Mortgage Rates, More Buyers Turn to Cash
Existing home sales climbed in January, with gains reported in the Midwest, South, and West, according to the National Association of Realtors (NAR). Sales were steady in the Northeast.
Year-over-year sales grew in the West but declined in the Northeast, Midwest, and South. “While home sales remain sizably lower than a couple of years ago, January’s monthly gain is the start of more supply and demand,” according to Lawrence Yun, the chief economist for NAR.
Supply gains were seen in a modest increase in listings, while demand was fueled by buyers seeking to lock in lower mortgage rates compared to late last year.
More Mid-Priced Homes Wanted
The median existing-home price for all housing types reached record highs for the month of January, climbing to $379,100. This was an increase of 5.1% from a year ago. All sales regions posted price gains. What’s more, multiple offers were common for mid-priced homes, with many homes selling in under a month. According to the monthly REALTORS Confidence Index, the average property remained available for sale for 36 days in January, up from 29 days a month ago and 33 days a year ago.
March 2024 Real Estate News
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