Some Good News For Homebuyers: Slower Price Growth and More Supply

The median U.S. home-sale price rose 3.7% year over year during the four weeks ending February 16, the smallest increase since September.

While typical monthly housing costs remain near record highs, decelerating price growth and gradually declining rates are among several small pieces of good news for house hunters this week. Here are the others:

Homebuyers have more total inventory to choose from. There are five months of supply on the market, up from 4.1 months a year earlier and the most since early 2019 (except the 4 weeks ending January 26, when there were 5.1 months). Supply is piling up because listings are rising while pending home sales are falling.
Buyers have more new inventory to choose from, too. New listings are up 4.2% year over year to their highest level for any comparable time period in three years.

Two Bucks County Towns Among Top 15 Pennsylvania Destinations for Retirees

Pennsylvania offers an ideal retirement setting with its rich history, scenic landscapes, and small-town charm, including two standout destinations in Bucks County, writes Leo Heit for When in Your State.

Doylestown and New Hope made the list of 15 charming towns in Pennsylvania you would love to retire to after your first visit.

Doylestown is the perfect place to get a feel of different cultures. It is home to three unique museums – the Mercer Museum, Fonthill Castle, and the James A. Michener Art Museum – which are part of the town’s fabric. While it has deep roots, Doylestown still has new things happening all the time. The preserved architecture gives it a familiar feel while also offering modern amenities.

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Existing-Home Sales Decreased 4.9% Nationally in January, But Increased Year-Over-Year for Fourth Consecutive Month

Existing-home sales retreated in January, according to the National Association of REALTORS®. Sales slipped in three major U.S. regions and held steady in the Midwest. Year-over-year, sales rose in three regions and were unchanged in the South.

Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – descended 4.9% from December to a seasonally adjusted annual rate of 4.08 million in January. Year-over-year, sales improved 2.0% (up from 4 million in January 2024).

Homeowners Own More Assets, Have Higher Net Worth

Data from recent years has highlighted the wealth gap between homeowners and renters, showing homeowners owning more assets and having an overall higher net worth, reports the National Association of Home Builders.

Data from the 2022 Survey of Consumer Finances found that while almost every household owned some assets, those who owned a home owned the vast majority of assets in aggregate. These assets included other residential real estate, vehicles, other non-financial assets, business interests, stocks and bonds, retirement accounts and other financial assets.

In contrast, renters did not own as many assets as homeowners. Overall, renting households most significantly owned assets including vehicles, non-financial assets, business interests, retirement accounts and other financial assets. Still, homeowners owned 16 times more stocks and bonds and 15 times more business interests and retirement accounts than renters.

Young Adults Still Waiting to Move Out

Many young adults (ages 25-34) are continuing to wait to move out of their parental homes, according to the National Association of Home Builders.

The number of young adults living at home peaked at 22% in 2017-2018, equaling 9.7 million. Since then, that number has declined only slightly and stayed stagnant at about 19% from 2022-2023. Although this percentage is the second lowest since 2011, the number of young adults still living at home remains elevated by historical standards.

Regionally, more young adults are living at home in the South and Northeast, with higher percentages along the coasts. The most recent data from 2023 reported 17.8% of young adults living with parents in Pennsylvania, with neighboring states seeing some of the highest shares:

Ohio: 14.9%
West Virginia: 17.2%
Virginia: 17.9%
Maryland: 22.7%
Delaware: 23.2%
New Jersey: 26.2%
New York: 21.8%

U.S. Home Values Reach $49 Trillion

American homes climbed in value to $49.7 trillion in 2024, gaining $2.5 trillion over the course of the year.

This is a 5.2% annual increase but the slowest growth in a calendar year since 2019 and the second-slowest since 2011, according to a new Redfin analysis.

“There are more homes for sale right now than in recent years and that has led to buyer’s markets in many areas of the country. That’s good news, but it doesn’t mean homes are getting cheaper—prices continue to tick up each month,” said Redfin Economics Research Lead Chen Zhao.