BATON ROUGE, La., April 23, 2024 /PRNewswire/ — The U.S. housing market is showing promising signs of recovery, with March 2024 recording the most substantial year-on-year increase in home listings since May 2023. According to Redfin, there was a notable 15% uptick in new listings during the four-week period ending March 17, 2024.
This positive momentum builds on a 0.6% rise observed in February 2024 compared to the prior month, aligning with pre-pandemic market trends. Despite the pandemic-induced economic volatility, the housing sector has demonstrated resilience, characterized by intermittent peaks and valleys. Year-on-year data reveals a 6.7% increase in home prices compared to the corresponding period last year.
These insights are drawn from the Redfin Home Price Index (RHPI), which tracks changes in single-family home prices using the repeat-sales pricing method. The RHPI publishes data earlier than the S&P CoreLogic Case-Shiller Home Price Indices, with February data covering the three months ending February 29, 2024.
Dana Hendrix, VP of Finance at leading mortgage provider DSLD Mortgage, commented:
“Even with more available supply, inventory shortages remain, underscoring the ongoing necessity to address the housing supply gap. Buyers seek discounts, while sellers hold firm on pricing, both influenced by pandemic sales. However, neither buyers nor sellers have a dominant position in the market.”
Despite staying high, mortgage rates have stabilized, unlike the turbulent fluctuations during the pandemic peak. This stability has been crucial in reviving home price growth, showing a substantial rebound from the tumultuous three-year period of fluctuating prices driven by ultra-low mortgage rates and Federal Reserve measures to control inflation.
About DSLD Mortgage
DSLD Mortgage remains committed to supporting first-time homebuyers through government loan initiatives and providing specialized assistance to military personnel seeking VA Loans. Our Loan Officers are proficient in various programs, including FHA, USDA, and Conventional Loans, as well as down payment assistance. Recognized as a top guaranteed rural housing lender in Louisiana by the USDA, DSLD Mortgage excels in originating loans within government programs, delivering tailored solutions for clients’ needs.
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SOURCE DSLD Mortgage
