April 2, 2024 | Driving It Home with ABoR's Housing Economist

In this episode of Driving It Home, Dr. Clare Losey and Emily Chenevert focus in on preliminary data for March. Dr. Losey anticipates a slight year-over-year increase in sales and a noticeable rise in active and new listings, although not as significant as February's 45% year-over-year uptick. There is caution advised regarding predicting an increase in the median sales price due to price stickiness, particularly as the majority of new listings have been in more affordable price ranges, potentially shifting sales towards first-time and more budget-conscious buyers.   How will these indicators affect the upcoming peak selling season? Dr. Losey predicts a continuation of the trends seen in March, with sales nominally higher than the previous year and median sales prices remaining stable, largely due to the concentration of new listings in the affordable price range. She notes that this would create better opportunities for first-time buyers, highlighting the shift in the market from the same time last year when buyers were hesitant due to higher mortgage rates.   Furthermore, Dr. Losey shares insights into the long-term wealth-building potential of homeownership. She illustrates that even with a modest annual appreciation rate of 4%, a homeowner can accumulate significant equity, citing an example of over $70,000 in equity within three years on a $350,000 home. This conversation underscores the benefits of homeownership and the current market dynamics, offering an optimistic outlook for the spring selling season.    Apple: https://podcasts.apple.com/us/podcast/driving-it-home-with-abors-housing-economist/id1714289732  YouTube: https://www.youtube.com/playlist?list=PLzH_caxJ3VPq5iExWilqZOahnREgSFgqC   Download the Audio Transcript + Episode Summary: https://www.abor.com/content/uploads/2024/04/DIH-4-2-24.pdf Connect with us on socials: https://www.abor.com/socials  Connect with Dr. Clare Losey on LinkedIn: https://www.linkedin.com/in/clare-losey   Have feedback? Email us at [email protected].