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Bright MLS April 2024 Housing Report

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Home prices hit new record highs in some markets in the Mid-Atlantic Buyers awaiting more selection have had their wish granted in 2024. New listings increased 14.7% in April 2024 and year-to-date have increased 4.4% compared to the number of new listings coming onto the market in the same period in 2023. Higher new listings have boosted supply in the Mid-Atlantic relative to last year. All metro areas had more active listings at the end of April 2024 than were on the market in April 2023. After three consecutive months of growth, active listings were 17.2% above last year with some metros boasting even stronger improvements. “More supply is good news for the housing market, but there is still a long way until we are back to a balanced housing market,” said Dr. Lisa Sturtevant, Bright MLS Chief Economist. “Affordability is a big challenge, and we see signs that summer buyers are holding back—like the fact that new listings are up, but showing activity is low.” The median sale price was $410,000 in April, a new record high. Further, the median days on market indicates competition remains tight, with half of the homes sold in April off the market in eight days or less. Yet buyers have continued to make purchases across the Mid-Atlantic. Closed sales in April 2024 were 7.6% above April 2023. Both closed sales and new pending sales only slightly lag 2023, down 0.9% and 0.4% year to date, respectively. April Mid-Atlantic Housing Market by Region  Philadelphia:Price growth at two-year high in the Philadelphia metro area Baltimore:Baltimore metro buyers see increasing inventory, but homes still sell quickly Washington, D.C.:More inventory has led to more transactions in the Washington D.C. metro The full Mid-Atlantic and market metro area reports are available at BrightMLS.com/MarketInsights. SOURCE Bright MLS

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Housing Sentiment Again Shows Signs of Plateauing

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HPSI Flat in April as Consumers Continue to Adjust to Higher Rate Environment The Fannie Mae Home Purchase Sentiment Index® (HPSI) was unchanged in April at 71.9 and is showing signs of once again plateauing as consumers continue to adjust to the higher interest rate and home price environment. This month, 67% of consumers indicated that it’s a good time to sell a home, while 20% said it’s a good time to buy a home. These two indicators are up 10 percentage points and 3 percentage points, respectively, since the end of 2023, despite mortgage rates having moved steadily upward. Additionally, the share of respondents who expect mortgage rates to go down over the next 12 months fell to 26%. The full index is up 5.1 points year over year. “The HPSI, unchanged this month, may have hit another plateau as consumers maintain their ‘wait and see’ approach to the housing market,” said Doug Duncan, Fannie Mae Senior Vice President and Chief Economist. “Overall, housing sentiment increased from November through February, driven largely by consumer belief that mortgage rates would move lower. However, recent data showing stickier-than-expected inflation, rising mortgage rates, and continued home price appreciation appear to have given consumers pause regarding the market’s direction. While only 20% of consumers think it’s a good time to buy a home, 67% think it’s a good time to sell one, a share that’s moved steadily upward since the start of the year. We think consumers’ generally improved sense of home-selling conditions bodes well for listings and housing activity, particularly for the segment of the population who may need to move for lifestyle reasons and have already begun adjusting their financial expectations to the current mortgage rate and price environment. However, for potential homebuyers in less of a rush to transact, ongoing affordability challenges may continue to keep many of them on the sidelines – one reason why we expect home sales to tick up only gradually over the course of the year.” Home Purchase Sentiment Index – Component Highlights Fannie Mae’s Home Purchase Sentiment Index (HPSI) remained unchanged in April at 71.9. The HPSI is up 5.1 points compared to the same time last year. Read the full research report for additional information. SOURCE Fannie Mae

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44% of adults would buy their childhood home today if they could afford it

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There’s an old saying that you can never go home again, yet nearly half of all adults would do just that if they could. A new Zillow® survey finds that 44% of Americans would buy their childhood home if cost were not an issue, yet only half of all adults say they could afford it at today’s prices. An even larger share of millennials and Gen Z adults would buy their childhood home today. It suggests that the nostalgia craze that has swept pop culture, social media, fashion and marketing has reached housing.   “It appears younger generations aren’t just nostalgic for low-rise jeans and Barbie, but for a simpler time in their lives when home was a place of comfort and safety,” said Manny Garcia, a senior population scientist at Zillow who conducted this research. “They may associate positive memories with their childhood home, having lived there without the burdens of rent, mortgage payments, maintenance, insurance or other housing hurdles. Today, a comparable home can feel out of reach, especially for younger adults who aspire to buy, but face steep affordability challenges.”  Children of the 1980s and 1990s are the most likely to say they would buy their childhood home today — 62% and 55% respectively. Yet almost half of those born in the ’80s (47%) and nearly two-thirds of those born in the ’90s (62%) say they couldn’t afford it at today’s prices. Those would-be buyers now need to earn a six-figure income to afford the typical U.S. home. Younger generations may long for the housing market of their youth when prices were lower, but their parents likely faced similar, if not worse, affordability challenges in the early 1980s. In 1981, mortgage rates soared above 18%, taking the typical monthly mortgage payment amount up to 55% of a median income at the time. Today, a new mover’s mortgage burden represents nearly 40% of a typical income — still well beyond the 30% threshold considered affordable.   Buyers today have easier access to affordability resources. Home shoppers can see down payment assistance programs they may be eligible for on for-sale listings on Zillow. They can tap into online affordability tools to better understand how much they can comfortably spend on a home, and then shop for homes by monthly payment, instead of by purchase price.  While many adults aspire to buy their childhood home today, they likely envisioned a very different dream home in childhood. The largest shares of adults say that, as a child, their dream home included a pool (77%) and/or a home theater (73%). Today, 72% of adults would still include a pool, and 76% would include a home theater in their current dream home, suggesting some dreams never die. When reality sets in, practical features prevail. A vast majority of adults now dream of a home with air conditioning (89%), a walk-in closet (89%) and a laundry room (85%). However, that inner child lives within a significant share of adults, who still want a bowling alley (43%), a frozen yogurt or soft serve machine (34%), and a soda vending machine (24%) in their present-day dream home.   Not all generations grew up pining for the same dream home features. Elevators reveal the largest generational divide: 58% of those born in the ’90s say their childhood selves dreamed of having a lift in their home versus only 21% of those born in the ’50s and earlier. There is an almost equally large 35-point gap for Jacuzzis and hot tubs. Conversely, 38% of children of the ’50s and earlier dreamed of a home with a white picket fence in their childhood, while only 21% of those born in the ’90s say the same. SOURCE Zillow Group, Inc.

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BARK and Zillow Announce America’s Most Dog-Obsessed Cities for Renters

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Dallas named #1 most dog-obsessed city in the U.S., proving the bigger the hair, the closer to DOGS BARK, a leading global omnichannel dog brand with a mission to make all dogs happy, has teamed up with real estate marketplace Zillow to determine the top 10 cities to find dog-friendly rentals in the United States. BARK combined its thirteen years’ worth of dog data, based on BarkBox and Super Chewer subscribers, with Zillow’s extensive database of pet-friendly rentals to identify the cities that are obsessed with dogs, as well as the dog names and breeds that residents will most likely call “neighbor.” A few of the most interesting takeaways include: “At BARK, we embrace that dogs are part of the family, and finding a home or apartment that is dog-friendly is at the top of dog people’s minds,” said Dave Stangle, VP of Brand Marketing at BARK. “We teamed up with Zillow to show dog parents the most dog-obsessed cities in the country, and where they can find rentals that are rolling out the welcome mat (and toys) for dogs.” “The number of dog parents in the U.S. skyrocketed during the pandemic as people shifted to working from home, which really spotlighted the need for dog-friendly rentals,” said Emily McDonald, Zillow’s rental trends expert. “In collaboration with BARK, we’ve pinpointed cities that are particularly welcoming to dogs. Renters with dogs can face tough competition for a limited number of suitable rentals, but our findings highlight where the search might be easier.” The list of the top dog-obsessed cities for renters includes: Dog-Obsessed Cities Most Popular Dog Breeds Most Popular Dog Names #1 – Dallas, TX 1. Golden Retriever2. Labrador Retriever 1. Bella2. Charlie #2 – Austin, TX 1. Labrador Retriever2. Golden Retriever 1. Winston2. Charlie #3 – San Antonio, TX 1. Labrador Retriever2. German Shepherd 1. Athena2. Bailey #4 – Charlotte, NC 1. Golden Retriever2. Labrador Retriever 1. Bailey2. Bella #5 – Indianapolis, IN 1. American Pit Bull Terrier2. Labrador Retriever 1. Bear2. Bella #6 – Denver, CO 1. Labrador Retriever2. Golden Retriever 1. Bella2. Charlie #7 – New York, NY 1. French Bulldog2. Golden Retriever 1. Archie2. Charlie #8 – Phoenix, AZ 1. American Pit Bull Terrier2. Australian Shepherd 1. Bear2. Bella #9 – Seattle, WA 1. American Pit Bull Terrier2. Australian Shepherd 1. Bailey2. Charlie #10 – Jacksonville, FL 1. American Pit Bull Terrier2. Australian Shepherd 1. Bear2. Bella Learn more about BarkBox and Super Chewer, BARK’s monthly themed subscriptions of clever toys and treats, at BARK.co. Renters looking to sign a new lease can filter through pet-friendly apartments tailored to your dog’s size, from Dachshunds to St. Bernards, all available on Zillow Rentals. About BARKBARK is the world’s most dog-centric company, devoted to making dogs happy with the best products, services and content. BARK’s dog-obsessed team applies its unique, data-driven understanding of what makes each dog special to design playstyle-specific toys, wildly satisfying treats, great food for your dog’s breed, effective and easy to use dental care, and dog-first experiences that foster the health and happiness of dogs everywhere. Founded in 2011, BARK loyally serves dogs nationwide with themed toys and treats subscriptions, BarkBox and BARK Super Chewer; custom product collections through its retail partner network, including Target and Amazon; its high-quality, nutritious meals made for your breed with BARK Food; and products that meet dogs’ dental needs with BARK Bright®. At BARK, we want to make dogs as happy as they make us because dogs and humans are better together. Sniff around at BARK.co for more information.

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THE BEST TIME TO SELL A HOME IS IN THE FIRST HALF OF THE YEAR

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New study shows home sellers see 13.1 percent premium in May; Annual analysis also looks at best months and days to sell a home ATTOM, a leading curator of land, property, and real estate data, released its annual analysis of the best days of the year to sell a home, which shows that based on home sales over the past 13 years, the months of May, February and April offer the highest seller premiums – making this month the time to sell your home. An analysis of over 59 million single-family home and condo sales from 2011 to 2023 shows that listing a property in May, February, or April can yield higher seller premiums. The data suggests that from early in the year through summer is not only the busiest season for home buying but also the best time for sellers to list their properties. Therefore, it might be the ideal moment to place your home on the market. May is Prime Time to Sell: Top Months to Sell a Home Infographic Best Months to SellThe analysis also took a more high-level look and showcased how seller premiums faired throughout the year and broke it out by month. The months realizing the greatest seller premiums were as follows: May (13.1 percent); February (12.8 percent); April (12.5 percent); June (12.4 percent); March (12.2 percent); January (10.6 percent); August (10.3 percent); December (10.0 percent); July (10.0 percent); November (9.5 percent); September (9.5 percent), and October (8.8 percent). 2011 to 2023 Sales of Single-Family Homes and Condos Month Number of Sales Median Sales Price Median AVM Seller Premium May 5,360,810 $                          230,000 $             203,338 13.1 % February 3,641,631 $                          212,000 $             188,000 12.8 % April 4,880,248 $                          225,000 $             200,000 12.5 % June 5,834,131 $                          237,500 $             211,231 12.4 % March 4,805,396 $                          220,000 $             196,000 12.2 % January 3,748,598 $                          210,000 $             189,900 10.6 % August 5,739,527 $                          235,000 $             213,000 10.3 % December 4,695,330 $                          230,000 $             209,000 10.0 % July 5,611,269 $                          235,600 $             214,100 10.0 % November 4,470,550 $                          230,000 $             210,000 9.5 % September 5,102,736 $                          231,750 $             211,722 9.5 % October 5,118,966 $                          228,500 $             210,000 8.8 % Best Days to SellATTOM also took a deeper dive to uncover the best days to sell a home. The top 20 days fell in the months of May, February, March, and June. Starting with May 27th being the best day to sell a home, with a seller premium of 16.2 percent. Followed by February 25th (15.9 percent); February 17th (15.8 percent); February 15th (15.7 percent); February 22nd (15.5 percent); May 25th (15.4 percent); March 30th (15.2 percent); March 25th (15.1 percent); February 28th (15.0 percent); and February 24th (15.0 percent). Media Contact:Megan HuntMegan.hunt@attomdata.com Data and Report Licensing:949.502.8313datareports@attomdata.com SOURCE ATTOM

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Realtor.com® April Housing Report

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The Required Household Income to Purchase a Home Exceeds $250,000 in Four California Metros According to the Realtor.com® April housing data, the national required household income to purchase the median priced home rose to $116,000, up $5,900 from a year ago, after accounting for the cost of tax and insurance. For hopeful buyers in California’s major metros of Los Angeles, San Diego, San Francisco and San Jose the household income required to purchase the median-priced home is over double the national figure. April 2024 Housing Metrics – National Metric Change over Apr 2023 Change over Apr 2019 Median listing price +0% (to $430,000) +36.5 % Active listings +30.4 % -35.4 % New listings +12.1 % -21.8 % Median days on market +1 days (to 47 days)  -7 days Share of active listings with pricereductions +3.2 percentage points(to 15.5%) +1.0 percentage points “California is a fascinating market not only because the income-required figures are an eye-popping quarter of a million dollars, but because it is a microcosm of the variety we’re seeing in housing markets nationally,” said Danielle Hale, Chief Economist, Realtor.com®. “In areas like San Francisco home prices have fallen enough to offset rising mortgage rates, and the income needed to buy a home has dropped. In other markets, like San Jose and Sacramento, home price declines have been more modest and rising mortgage rates have pushed required incomes higher despite lower home prices. And finally, the majority of major U.S. markets see trends like we’re seeing in Southern California. In Los Angeles, Riverside, and San Diego rising home prices and mortgage rates have combined to push required incomes higher—in some cases like in these California markets, up by double-digits compared to one year ago.” Buying in California Comes at a PriceSix metros across the country required a household income of over $200,000, with California’s largest metros leading the pack: San Jose (household income $361,000), Los Angeles (household income $298,000), San Diego (household income $259,000) and San Francisco (household income $256,000). The major East coast hubs of Boston (household income $226,000) and New York (household income $218,000) closely followed.  Counter to the larger household income required to purchase the median-priced home in the major coastal metros, there were 16 metro areas that required a household income of less than $100,000. The most affordable by this measure were Pittsburgh (household income $67,000), Detroit (household income $69,000), and Cleveland (household income $71,000). List of the 10 Metro Areas with Lowest Required Income to Purchase Median Home Fear Not, Affordable Inventory is Also on the RiseWhile the west coast state experienced a bit of a surge in household required income to purchase the median-priced home, in other parts of the country, affordable inventory is on the rise. The South has been largely driving the increase in availability of homes in the $200,000 to $350,000 price range, and the increase in availability of homes overall. More than half (56.6%) of available inventory in April 2024 was in the South, up from 52.0% last year and 47.7% in April 2019. A rise in homes available for purchase combined with population migration has paved the way for the South to lead the share of nationwide existing home sales, rising from 43.2% in March 2019 to 45.3% in March 2024. Across the country active inventory grew over the previous year with inventory in the South growing 43.0%, 27.4% in the West, 17.6% in the Midwest, and 4.0% in the Northeast. Interestingly, large Florida metros experienced inventory growth driven primarily by an increase in the availability of attached homes (condos, townhomes, or row homes). Median List Price Stays Stable, but Price per Square Foot Inches its Way UpBetween March 2024 and April 2024, the U.S. median list price increased from $424,900 to $430,000, while remaining stable compared to the same median list price in April of last year. This is likely attributed to the mix of homes hitting the market particularly in the South where sellers are listing smaller and more affordable homes. While median list price has remained relatively unchanged, the median list price grew 3.8% on an adjusted per-square-foot basis indicating that homes are retaining value even as inventory grows. Additional details and full analysis of the market inventory levels, income requirements, trends in listing prices and more can be found in the Realtor.com® April Monthly Housing Report. For buyers looking to gain more local-market insights to guide their decision making, visit realtor.com/research to access online tools and better understand ways to partner with an experienced buyer’s agent for help along the way. SOURCE Realtor.com

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