Prices Are Still Elevated NAR Released December Sales Data
Dated: January 19 2024
Good Afternoon and welcome today's market update. The National Association of Realtors recently released sales data ending December 2023. Although the total number of sales dropped by 1% compared to December 2022, we did see the median home price increase another 4.4%. This means we are still seeing home values increase and there are fewer lower priced homes being sold. December is usually a slower month in volume as we get into the heart of winter and these figures are based on national statistics. Below is a chart from NAR showing median home prices as well as the percent change year of year.
Our position is still consistent that we will not see a market drop in home values in our local market due to the tight supply and high demand. As we enter the spring buying season and our Northern visitors purchase properties so they don't have to go back home, prices are forecasted to increase between 4-7% this year. We also have the projected FED rate cuts estimated between 2-6 cuts this year and most likely starting in early summer. This all tells us that 2024 should be a solid year for real estate and total sales should increase from 2023 numbers.
If you are on the fence or want to discuss the market more, please reach out direct at 772-528-3507. If you are in the market to buy and need to know how to get started and what your first steps should be, let's set up a 1:1 consultation to come up with a game plan to start investing in your future real estate purchase! Until next time.
Ryan Binner, REALTOR®
Atlantic Shores Realty Expertise
145 NW Central Park Plaza, Suite 200
Port Saint Lucie, FL 34986
Latest Blog Posts
Good Afternoon and welcome today's market update. The National Association of Realtors recently released sales data ending December 2023. Although the total number of sales dropped by 1% compared to