A media tour was conducted to discuss the spring home buying and selling season, outlook for the second half of 2024 and first quarter metro home prices.
NEW YORK, NEW YORK / ACCESSWIRE / May 21, 2024 / With the spring homebuying season in full swing, many Americans are wondering whether it’s a good time to buy a home or sell.
Rising mortgage rates, limited housing inventory, and competition for fewer homes on the market mean buyers and sellers need to work with REALTOR® agents to find the right home and negotiate the terms of sale. These are some of the many reasons why. According to the National Association of REALTORS®, single-family existing home prices nationwide have increased 5% over the past year to a median price of $389,400.
In the first quarter of 2024, home prices increased in more than 90% of the nation’s metropolitan areas, despite facing the highest mortgage rates in 20 years.
Mortgage rates are nearly double what was seen during the first two years of the pandemic, but are still considered historically low.
Moreover, homeownership continues to be a catalyst for building intergenerational wealth for Americans.
Over the past decade, the value of a median-priced home in the U.S. has increased by nearly $200,000, making the typical homeowner 40 times better off than if they hadn’t bought or continued to rent. became.
A REALTOR® agent can help you realize your dream of homeownership and create long-term wealth and financial security for your family.
To learn more about REALTORS® and find a real estate agent, visit: REALTOR.COM®.
The video accompanying this announcement is available at: Click here to view
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