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This Month: Easter Celebrations and Spring Home Decor
In so many ways, this time of the year is about becoming lighter.
Lighter in what we wear and therefore lighter in the way we move, and come the first day of Spring, even our days will become lighter; as in more light in the day! So this March, it's all about officially welcoming Spring and preparing for Easter celebrations. I've selected a few articles below to help you generate some ideas.
You'll also find my regular features such as the events calendar and more.
On the Real Estate Front
If we look at the national market data below, pending sales have actually decreased from last month, but closed sales have increased and the inventory has slowly inched up from the previous month from 2.9 months of inventory to 3.0.
Lawrence Yun, the Chief Economist of the National Association of Realtors, had this to say about these changes:
"While home sales remain sizably lower than a couple of years ago, January's monthly gain is the start of more supply and demand. Listings were modestly higher, and home buyers are taking advantage of lower mortgage rates compared to late last year."
Another market observation is the increase in prices from one year ago. In January of 2023, the median home price nationally was $360,800. In 2024, that price was $379,100 accounting for the 5.1% price increase year over year. According to Mr. Yun:
"The median home price reached an all-time high for the month of January. Multiple offers are common on mid-priced homes, and many homes were still sold within a month. The elevated share of cash deals – 32% – indicated a market full of multiple offers and propelled by record-high housing wealth."
Despite interest rates ticking up slightly, there is a consensus that they will go down this year and settle at around 5.8-6.0%. In advance of the Spring Home Buying Season however, given the factors impacting inventory, if you find a home you love, don't wait.
Because no matter what, when you buy a home, you are making an investment in your future. And we can call help you get there!
Just call us today to help you sell the home you have, and find the one you need.
MARKET HIGHLIGHTS
Below, please find national real estate housing data and infographics from the National Association of Realtors. Keep reading to view the summary for the Louisiana market and in particular, St. Tammany and Tangipahoa Parishes.
We think you'll be most interested in what is happening here, but it helps to be aware of national market trends.
Please keep in mind that on the national level, data lags one month behind.
National Snapshot for the month of January
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Pending Sales - decreased by 4.9% month over month [while in the regional South they increased by 7.3%]
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Existing Home Sales - increased by 3.1% - month over month
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Home Prices - increased 5.1% - year over year
Present Challenges:
- Affordability
- Inventory Shortages
- Insurance Rates
- Interest Rates
The month of January continues to trend toward a Sellers Market with 3.0 months of Inventory.
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