Pending Home Sales Increased Nationwide by 3.4%, Month Over Month

The National Association of Realtors® has released March sales data, and pending home sales increased nationwide by 3.4%, month over month. In the West, pending home sales rose 6.8% from February and 3.6% from the same time last year.
 

NAR expects existing-home sales to rise by 9% by the end of 2024 and another 13.2% in 2025. While new builds are projected to increase by only 1.2% this year, the nation's largest trade association predicts housing starts will jump 4.9% in 2025. "Home sales have lingered at 30-year lows, and since 70 million more Americans live in the country now compared to three decades ago, it's inevitable that sales will rise in coming years," said NAR's top economist.

As always, I'd love to discuss our local market if you have any questions or comments.

DID YOU KNOW?
While most economists now believe multiple rate drops are not coming in 2024, almost all economists believe the days of artificially super-low rates will not return for many years, if ever. The 30-year fixed mortgage rate hovered around 5% in 2009 and dipped to around 3% by 2020...but it was 4.54% in 2018. At that time, many were decrying that rate as 'too high!'. (WSJ)
 
DID YOU KNOW? 
Here’s the average credit score by generation as of March 2024:
Gen Z (18 to 27): 665
Millennials (28 to 43): 687
Gen X (44 to 59): 710
Baby boomers (60 to 78): 746
Silent generation (79 to 96): 750. (CNBC)

DID YOU KNOW?
You can TEXT 911 in an emergency when speaking out loud may not be an option.

DID YOU KNOW? 
Money launderers surreptitiously introduce more than $2 trillion in proceeds from illegal enterprises to global financial systems every year, according to estimates. (WSJ)

DID YOU KNOW?

• One million plastic bottles are purchased every minute worldwide, while up to Five trillion plastic bags are used a year.
• An estimated 9.7 Million cigarette butts are littered in the US every year, 4 billion of these in waterways. They comprise nearly 20% of all litter.
• By 2050 there will be more plastic in the oceans than there are fish (by weight) (Earthday.org)

DID YOU KNOW?
Wyoming's overall population grew by just 2.5% between 2010 and 2021, but its population over 65 soared to over 47% in the same time frame. Many states are dealing with a growing aging population. The good news? Most wish to age at home, not in nursing homes.....and the cost is very different: $1,871 for monthly at-home care versus nursing home care, which has an average cost of $4,931. Both costs are far higher in big cities. More reason to expect homeowners to stay in their homes much longer as home-based medical care and monitoring advance.....and for those homes to meet the needs of older inhabitants. (USA TODAY)
 
DID YOU KNOW?
A wealthy client told me decades ago: "Never bet against the US!" While we are bombarded daily with negatives about our economy, we should be reminded that while our debt levels are unsustainable, and inflation remains sticky, we should also note:

• U.S. GDP grew 2.5% in 2023, significantly outpacing other developed economies...
• Inflation in Canada is 3.9% and 5.9% in Germany. It's 3.5% in the US.
• The US labor market remains resilient.
• US equity markets are close to all-time high's.
• The dollar remains strong. (CNBC)