National Pending Home Sales up Record High for Dec. 2023

National Pending Home Sales up Record High for Dec. 2023

National Pending Home Sales

Alice Lema: [00:00:00] Well, hey, real estate fans. Welcome back to the Southern Oregon real estate podcast. I'm Alice Lema. I'm a broker here at John L. Scott, and we've got some good news. The National Association of Realtors said that they have pending home sales in December, a record 8. 3%. And the reason this is a big deal is because usually nobody buys anything unless they absolutely have to.

They went on to interview Dr. Lawrence Yoon, who's Chief economist for the National Association of Realtors and I'm a big fan because he is just data, data, data. So he goes on to say that the housing market is off to a good start this year as consumers benefit from the falling mortgage rates and stabilizing home prices.

He also goes on to say that job additions and income growth will further help with the housing affordability, but increased supply will be essential to satisfying all the demand. NAR [00:01:00] also went on to say that they're projecting a 13 percent increase in existing home sales in 2024 and in 2025, a 15 percent increase.

So the National Association of Realtors has a lot of great data. If you want to go dive deeper, you can. But listen up. This is what this means to us. And this is what we've been experiencing anyway, is that we kind of bottomed out. We're starting to look for at least a normalizing market, which I know we keep saying that's going to happen, but I think this time it really is.

So if you're in the middle of a transaction right now and you like the house, this is probably a good time to stay in the deal. We're thinking that as the market gets a little bit more normal, the sellers are not going to be as quick to, to dicker with you. It is, have anybody ever used that, that word anymore? They're also probably going to start [00:02:00] looking for higher prices.

So here we are kind of the end of January. I always say this is a great time to buy because you're, if you're buying, then you're dealing with the people who were probably trying to get their get their house sold during the winter. Or they just went on the market because they want to get it done before having all the competition.

If you're selling. I sound like a broken record. I still think this is a great time to to sell. But if you really can't get your house sold or get it ready to sell right now, that's okay. It's more important that you do what makes sense for you and your family. But if you have some, some leeway, then getting your house on the market now would not be a bad idea. But anyway, I'm just so glad that at least the the National Association of Realtors feels like, like things are kind of perking up so yay, yay for us and we've been kind of tracking this every week anyway.

So, in the [00:03:00] meantime, I would love to talk to you, I think we can get ready for having some good real estate stuff happening for you. Let's talk about it. My number is 5 4 1- 3 0 1 - 7 9 8 0. And let's talk about what we're going to do with your real estate life. And in the meantime, if you don't want to buy yourself, at least know that maybe the worst is over, right? Have a great Southern Oregon weekend.

We'll see you next time. Bye now.

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