Investor purchases of single-family homes in the U.S. dropped by 29% in 2023 due to higher interest rates and record home prices, leading large investment companies to pull back. The median home price increased by 4% to a new record high, and Zillow upgraded its home price forecast, predicting a 3.5% rise between December 2023 and December 2024. Additionally, the AEI Housing Center adjusted its 2024 forecast for U.S. home prices from +4% to +5%, citing well-qualified buyers, low unemployment rates, low levels of foreclosures, and WFH arbitrage. Fannie Mae and Freddie Mac updated their 2024 and 2025 home price forecasts with Freddie Mac predicting a +2.8% increase in 2024 and Fannie Mae predicting a +3.2% increase. Existing home sales in 2023 saw a 33.2% plunge from 2021 due to eroded affordability, with 30-year conventional fixed-rate mortgages averaging 2.96% in 2021 and 6.11% in 2023, and median home prices jumping from $350,700 to $389,800, an 11.1% increase. U.S. home prices rose by 0.4% month over month in December, the smallest increase since June, marking the third consecutive month of slowing growth.
Property investment in China dropped 9.6% in 2023 from the same period a year earlier, after slumping 9.4% in January-November, according to data from the National Bureau of Statistics.
Per @Redfin, U.S. home prices rose by 0.4% month/month in December, smallest increase since June … marks third consecutive month of slowing growth and points to continued easing in S&P Case Shiller Index https://t.co/7uskzDWDU1
The 33.2% plunge in existing home sales from 2021 to 2023 @NAR_Research was due to eroded affordability 30-year conventional fixed-rate mortgages averaged 2.96% in 2021 & 6.11% in 2023 @FreddieMac Median home prices jumped from $350,700 to $389,800 +11.1%
The drop in existing home sales in 2023 cannot be blamed on low inventory. 2021 had 6.12 million home sales & averaged 2.3 months inventory while 2023 saw 3.1 months of inventory (up 34.8%) with 4.09 million sales (down 33.2%) per @NAR_Research @DrTCJ
Updated U.S. home price forecasts by Fannie Mae and Freddie Mac 2024 👇 Freddie Mac: +2.8% Fannie Mae: +3.2% 2025 👇 Freddie Mac: +2.0% Fannie Mae: +0.3%
#NEW The AEI Housing Center has adjusted its 2024 forecast for U.S. home prices Previously: +4% Now: +5% They cite... "buyers being well-qualified" "low unemployment rates" "low levels of foreclosures" "WFH arbitrage"
The median price of a home sold in the US increased 4% in 2023 to a new record high. Housing affordability has never been lower. Video: https://t.co/sy2mgTmRa5 https://t.co/4OOcu8UrFs
The median price of a home sold in the US increased 4% in 2023 to a new record high. Video: https://t.co/sy2mgTmRa5 https://t.co/Ka7mJd7llZ
Zillow remains a significant outlier in its reporting for multifamily rent change (YoY through Dec 2023). Apartment List -1.0% CoStar -0.9% RealPage +0.3% Yardi +0.3% Zillow +2.7% Most of these sources all use a same-store or "repeat rent" approach, so the…
Investor purchases of single-family homes dropped in 2023, as higher interest rates and cooling rents kept large investment companies on the sidelines https://t.co/IoiqogvJcj via @WSJ
"U.S. home (red) prices climbed 0.4% month over month in December, the smallest increase since June." @Redfin https://t.co/bMT03xjFxO
Housing market map: Zillow upgrades its home price forecast, predicting that U.S. home prices will rise 3.5% between December 2023 and December 2024. https://t.co/3MtnmEmml7
"Investor purchases of single-family homes tumbled 29% last year, as higher interest rates and record home prices compelled even deep-pocketed investment firms to pull back." https://t.co/6IYEixsDU7 https://t.co/MP160jhHFa
With supply still limited relative to demand, 16% of homes sold above list price in December 2023. Find out more in the REALTORS® Confidence Index: https://t.co/Y8ajE4wKDt https://t.co/wnjaDeylN3
WSJ News Exclusive: Investor purchases of single-family homes dropped in 2023 as higher interest rates and cooling rents kept large investment companies on the sidelines https://t.co/k2A3jLY5dQ https://t.co/k2A3jLY5dQ