The U.S. housing market is showing early signs of recovery in 2024 compared to 2023, largely due to relatively stable mortgage rates and increased inventory. According to data from Redfin, the number of new listings has climbed, with sellers reentering the market in greater numbers. This has offered buyers more choices, leading to a slight improvement in home affordability, although prices remain elevated in many areas. Key metrics such as days on market and median sale prices indicate a market gradually regaining momentum.
Experts note that while the 2024 housing landscape still faces challenges, including high mortgage rates and limited affordability for many buyers, it is trending more positively than last year. Comparisons with 2023 show more robust activity and signs that conditions may improve further as the year progresses into 2025. However, long-term stability will depend on economic factors like interest rates, inflation, and broader market conditions.
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