Home Sales Declined Again?

Below an excerpt from last week's Invested Equity's Quarterly Report:

(You can receive the full version next time by filling out the brief Passive Investor Survey.)

Pending single-family home sales increased by 3.4% nationally from February to March.

Broken down by region, the South enjoyed a 7% increase in pending home sales and the West experienced a significant 6.8% jump.

The Midwest saw a 4.3% decrease in pending home sales.

Existing home sales declined by 3.7% YOY in March, while the median sales price increased by 4.8% YOY.

Housing Inventory

Single-family housing inventory increased in March from 2.7 months to 3.2 months YOY, based on the current pace of sales. While higher for the year, housing demand has so far prevented further increases in inventory.

New residential housing (single-family and multifamily) permits and starts have remained relatively flat in 2024. Excluding the pandemic spike, housing construction has yet to stabilize at levels seen over 20 years ago.

The following chart illustrates the total number of new residential housing permits and starts.

Breaking down single-family and multifamily starts shows that while multifamily construction is pulling back, single-family construction is exceeding pre-pandemic levels.

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Originally Posted on Invested Agents.