Current Status of the U.S. Housing Market:

As of February 2024, the U.S. housing market shows a 6.5% increase in home prices compared to the previous year, with homes selling at a median price of $412,219. Additionally, there has been a 2.0% rise in the number of homes sold year over year, totaling 337,425 homes sold in February 2024, compared to 330,819 homes sold in February 2023. The average 30-year fixed-rate mortgage stands at 6.8%, marking a 0.5 point increase from the previous year.

Supply of Homes in the U.S.:

In February 2024, there were 1,406,098 homes available for sale in the United States, reflecting a 3.6% increase compared to the previous year. The number of newly listed homes also saw a significant rise of 18.3% year over year, reaching 486,944. The median days on the market decreased by 5 days compared to the previous year, totaling 48 days, while the average months of supply decreased year over year to 3 months.

Demand for Homes in the U.S.:

The housing market remains competitive, with 26.1% of homes selling above the list price in February 2024, which is a 2.6 point increase from the previous year. Conversely, only 15.8% of homes experienced price drops, up from 13.0% in February of the previous year. The sale-to-list price ratio increased by 0.5 points year over year, reaching 98.7%.

U.S. Migration Trends:

Between December 2023 and February 2024, 24% of homebuyers expressed interest in relocating to a different metro area. Florida, North Carolina, Arizona, South Carolina, and Tennessee were the top 5 states where homebuyers searched to move to, while California, New York, Illinois, Washington, and Massachusetts were the top 5 states where homebuyers searched to move from. Among major U.S. metros, Sacramento was the most sought-after destination for homebuyers looking to relocate, followed by Phoenix, Las Vegas, Sarasota, and Cape Coral. Conversely, Los Angeles, New York, San Francisco, Seattle, and Washington were the most searched-for destinations for homebuyers looking to leave.