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Home Sellers Are Coming Back to the Market

Plus, How baby boomers have changed home buying, Small Markets Near Big Cities Deliver Record Apartment Supply and 5 more Real Estate Insights

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A Quote

"Creativity is just connecting things. When you ask creative people how they did something, they feel a little guilty because they didn't really do it, they just saw something. It seemed obvious to them after a while."

― Steve Jobs

Latest Rates

Loan Type


Daily Change

Weekly Change

52-Week Range Low/High

30 Yr. Fixed




6.45% / 8.03%

15 Yr. Fixed




5.90% / 7.35%

30 Yr. Jumbo




6.15% / 8.09%





6.11% / 7.55%

30 Yr. FHA




6.00% / 7.44%

30 Yr. VA




6.02% / 7.46%

Macro Trends

Global Events Causing New Supply Chain Disruptions link

  • The Suez Canal, crucial for about 12% of global maritime trade, now sees vessels rerouted due to security threats. Rerouting adds up to 17 days to shipping times, increasing costs and delays.

  • The Panama Canal faces severe droughts influenced by El Niño, leading to fewer transits and reduced cargo capacities. This affects 5% of global container traffic, complicating trade between the U.S. East Coast and East Asia.

  • The Port of Baltimore shutdown due to a cargo ship accident has shifted cargo traffic to nearby ports, straining resources. Warehouse space near alternate ports is now in higher demand, with limited availability driving up costs.

Real Estate Trends

New Home Sales Up 8.8% from February link


  • Sales of new single-family houses in March, 2024 were at a seasonally adjusted annual rate of 693k, which is 8.8% higher than February’s revised rate and is 8.3% higher than one year ago.  The median sales price of new houses sold in March was $430,700 with an average sales price of $524,800.  There were an estimated 477k new houses for sale at the end of March representing a 8.3-month supply at the current sales rate.

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Home Sellers Are Coming Back to the Market link

  • Seller activity is increasing, reaching levels not seen since July 2022. This surge is driven by significant gains in states like Florida and Texas, where inventory has spiked due to rising costs and insurance prices.

  • The market is currently experiencing an imbalance with more sellers than buyers, which could lead to a drop in home prices. However, there is still a healthy level of immediate sales, suggesting that many new listings are going under contract quickly.

  • Price reductions are more common this year, affecting over 32.5% of homes on the market. This trend may indicate a potential slowdown in home price increases, though it's too early to predict a crash.

Multifamily Fundamentals Begin to Stabilize link

  • U.S. multifamily market sees minimal quarterly rent growth at 0.4%, projecting a stable short-term outlook with potential acceleration in late 2024. This steady growth pattern reflects ongoing economic adjustments and tenant demands.

  • Vacancy rates experienced a slight uptick to 5.5%, with a modest 10 basis points increase from the previous quarter. Despite a robust job market and household formation, projections suggest a mild increase in vacancies by midyear.

  • The construction sector delivered 73,700 new multifamily units in Q1, pushing the rolling four-quarter total up by 26% to a record high of 429,500 units. Future supply is expected to decline due to reduced construction starts, affecting deliveries in 2025 and beyond.

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Something I found Interesting

How baby boomers have changed home buying link

  • The trend of baby boomers moving into age-restricted communities continues to rise as they enter retirement. These communities offer amenities and maintenance services that cater specifically to the needs and preferences of older adults, making them highly attractive.

  • Baby boomers are shaping the housing market by purchasing properties later in life compared to previous generations. The National Association of Realtors highlights that boomers are buying in unique, community-centric environments that provide social networks and essential services nearby.

  • Design preferences among baby boomers include single-level homes with less maintenance and no stairs, reflecting a broader demand for practical and accessible living spaces. This trend is evident in the popularity of one-story homes and the increase in community amenities, meeting the changing lifestyle needs of aging homeowners.

Pro Member Only Content Below

Small Markets Near Big Cities Deliver Record Apartment Supply

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Checking in on Record Apartment Supply in Dallas 

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March 2024 Hottest Housing Markets—Realtor

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Off Topic

Ranked: The Top 20 Countries in Debt to China


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