In January, there was a substantial surge in new listings, marking an 89.3% increase compared to the previous month and a significant uptick of nearly 12% compared to the same period last year. Concurrently, demand experienced notable growth, evidenced by a 38% rise in pending listings compared to the previous month, slightly surpassing the levels observed at the beginning of 2023. The average and median prices for single-family homes remained at elevated levels, surpassing historical January data since 2019.

Informal reports suggest a shared anticipation among both buyers and sellers for potential drops in interest rates throughout 2024. This heightened interest is fueled by considerable pent-up demand within the market.

Demand - Pending…

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