The U.S. housing market is showcasing promising signs of recovery, with March 2024 experiencing the most significant year-on-year increase in home listings since May 2023. Data from Redfin reveals a notable 15% uptick in new listings during the four-week period ending March 17, 2024. This positive momentum builds on a 0.6% rise observed in February 2024 compared to the prior month, aligning with market trends observed before the pandemic. Despite economic volatility induced by the pandemic, the housing sector has displayed resilience, characterized by intermittent peaks and valleys. Year-on-year data indicates a 6.7% increase in home prices compared to the corresponding period last year. These insights are drawn from the Redfin Home Price Index (RHPI), which tracks changes in single-family home prices using the repeat-sales pricing method. The RHPI releases data earlier than the S&P CoreLogic Case-Shiller Home Price Indices, with February data covering the three months ending February 29, 2024.
Dana Hendrix, Vice President of Finance at DSLD Mortgage, commented: “Even with more available supply, inventory shortages persist, emphasizing the ongoing necessity to address the housing supply gap. Buyers seek discounts while sellers hold firm on pricing, both influenced by pandemic sales. However, neither buyers nor sellers have a dominant position in the market.”
Despite remaining elevated, mortgage rates have stabilized, unlike the turbulent fluctuations seen during the pandemic’s peak. This stability has been instrumental in reviving home price growth after a tumultuous three-year period of fluctuating prices, driven by ultra-low mortgage rates and Federal Reserve measures to control inflation.
DSLD Mortgage remains committed to supporting first-time homebuyers through government loan initiatives and offers specialized assistance to military personnel seeking VA loans. Loan officers are well-versed in various programs, including FHA, USDA, and Conventional Loans, as well as down payment assistance. Recognized as a top guaranteed rural housing lender in Louisiana by the USDA, DSLD Mortgage excels in originating loans within government programs, delivering tailored solutions to meet clients’ needs.
