As we navigate through 2024, the real estate market continues to exhibit dynamic trends and regional variations. Here are the latest key updates on the market!

California Market Trends

Los Angeles Metro Area: The median sold price in the Los Angeles Metro Area reached $840,000 in April, reflecting a substantial 13.5% increase compared to the previous year. Sales also grew by 9.0% year-over-year, highlighting strong demand in this populous region. San Francisco Bay Area: Leading in median sold prices, the Bay Area saw prices rise to $1,444,000, marking a 15.5% year-over-year increase. Sales in this region surged by 23.1%, indicating a highly competitive market with significant buyer interest. Other Regions in California:
  • The Central Coast saw a notable 5.6% year-over-year increase in median prices and a 26.7% surge in sales.
  • The Central Valley experienced a 6.6% increase in median prices and an 11.3% rise in sales.
  • Southern California reported a 12.1% year-over-year increase in median prices with an 8.7% growth in sales​ (Norada Real Estate Investments)​​ (Norada Real Estate Investments)​.

Houston Market Outlook

Single-Family Homes: The Houston real estate market remains stable, with the average home value at $310,906. Forecasts predict slight price decreases over the next year, providing a balanced market environment. Inventory levels have reached their highest point in over four years, offering more choices for buyers. Townhouse/Condominium Segment: This segment saw a minor decline in sales and prices, presenting opportunities for buyers seeking value. Despite a 1.3% decrease in sales, the median price for townhomes and condominiums decreased by 1.8% to $230,000​ (Norada Real Estate Investments)​.

National Overview

Existing-Home Sales: April 2024 saw a 1.9% month-over-month decrease in existing-home sales. However, the West region experienced a year-over-year increase in sales, contrasting with declines in the Northeast, Midwest, and South. Pending Home Sales: March 2024 showed a 3.4% increase in pending home sales. The Northeast, South, and West saw monthly gains, while the Midwest recorded a loss​ (www.nar.realtor)​. These updates reflect the evolving nature of the real estate market, characterized by regional disparities and shifts in buyer demand and inventory levels. For more marketing related news, stay tuned with us! Sources: