Overview of the USA Housing Market

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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.

*In this table, Florida stands out as the most frequently chosen state once again, with four cities from Florida being among the top five searched destinations.

There is one another post about Financial Options in Florida, if interested to learn more please check it.

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