More USA market trends?

 Here are some current trends in the U.S. real estate market as of September 2024:

  1. Sales Decline: The pace of home sales continues to slow down, with existing-home sales down 18% compared to a year ago. This trend reflects a broader slowdown in consumer spending amid inflation concerns​(

    Redfin
    ).

  2. High Mortgage Rates: Mortgage rates have climbed significantly, averaging over 7.5% for a 30-year fixed mortgage. This surge in borrowing costs has further squeezed affordability for potential homebuyers, contributing to the decline in home sales​(

    Redfin
    )​(
    National Association of REALTORS®
    )    .

  3. Home Prices: Despite the sales slowdown, the median existing-home price has shown resilience, sitting at around $409,000. This marks a 2.7% increase year-over-year, indicating that while fewer homes are selling, those that are often still command high prices​(

    Redfin
    ).

  4. Affordability Crisis: The rise in mortgage rates and persistent high home prices have led to an affordability crisis, making it difficult for many first-time buyers to enter the market. The percentage of income required for housing expenses has increased substantially, straining budgets​(

    National Association of REALTORS®
    )​(
    National Association of REALTORS®
    )    .

  5. Increased Investor Activity: With many individuals unable to purchase homes, there has been an uptick in institutional investor purchases, particularly in single-family rentals. This trend has implications for rental prices and availability​(

    Redfin
    ).

  6. Diverse Regional Markets: The impact of these trends can vary significantly by region. Some markets are seeing more pronounced price increases and competition, while others may be experiencing a downturn​(

    National Association of REALTORS®
    ).

These trends highlight the complex dynamics of the U.S. real estate market in 2024, where high prices and interest rates are reshaping buyer behavior and market conditions. For more in-depth information, you can explore resources like the National Association of Realtors and Redfin's market update

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