Despite the market's rollercoaster ride of declining sales and rising prices, one surprising statistic reveals where savvy buyers are now finding their opportunity: pending home sales just leapt to their highest level in eight months.
Key Takeaways
- In 2023, existing-home sales reached 4.09 million units, marking a 19.8 percent decline from 2022 and the lowest annual total since 1995
- Pending home sales increased by 5.6 percent in March 2024 from February, reaching an index of 75.3, the highest since July 2023
- New home sales in 2023 totaled 668,000 units, down 11.1 percent from 2022
- The median sales price of existing homes in 2023 was $389,800, up 5.7 percent from 2022
- Median price per square foot for existing single-family homes in Q1 2024 was $239
- Asking price appreciation for homes listed on Realtor.com in 2023 averaged 5.2 percent year-over-year
- Active listings on Realtor.com increased 15.3 percent year-over-year as of March 2024
- Months' supply of existing homes in March 2024 was 3.7 months, up from 2.7 months a year ago
- New listings in February 2024 were up 15 percent from January but down 3 percent year-over-year
- The typical age of home buyers in 2023 was 56 years old, up from 49 in 2020
- 89 percent of buyers in 2023 used a real estate agent, the highest since 2001
- First-time buyers made up 32 percent of all buyers in 2023, with median income of $107,000
- There were 1.53 million Realtors who were NAR members as of November 2023
- Realtor.com generated 70 percent of all real estate leads for agents in 2023
- Average sales price per Realtor transaction in 2023 was $450,000
In a challenging 2023 market, sales dropped but home prices continued rising nationwide.
Demographic Statistics
- The typical age of home buyers in 2023 was 56 years old, up from 49 in 2020
- 89 percent of buyers in 2023 used a real estate agent, the highest since 2001
- First-time buyers made up 32 percent of all buyers in 2023, with median income of $107,000
- 26 percent of buyers were born outside the U.S. in 2023
- Median household income for all buyers in 2023 was $107,000, up 7 percent from 2022
- 21 percent of buyers were Veterans or active military in 2023
- Baby Boomers accounted for 39 percent of home sales in 2023
- Millennial buyers had a median age of 34 and income of $105,000 in 2023
- 57 percent of sellers had lived in their home for 10 years or more before selling in 2023
- Gen Z buyers increased to 12 percent of market in 2023, median age 25
- 74 percent of younger millennials bought with a partner in 2023
- Black or African American buyers were 8 percent of total in 2023
- Hispanic/Latino buyers comprised 10 percent, with median income $114,000
- 54 percent of buyers purchased in suburbs in 2023
- Remote workers made up 24 percent of buyers in 2023, down from 30 percent in 2022
- Sellers typically netted $100,000 profit after fees in 2023
- 23 percent of sellers were relocating for a job in 2023
Demographic Statistics Interpretation
The housing market in 2023 reveals a decisive shift towards a more mature, financially secure, and diverse crowd, where seasoned Boomers solidify their status as real estate heavyweights while younger generations scramble to find a foothold with a partner and a realtor in tow.
Industry Statistics
- There were 1.53 million Realtors who were NAR members as of November 2023
- Realtor.com generated 70 percent of all real estate leads for agents in 2023
- Average sales price per Realtor transaction in 2023 was $450,000
- 86 percent of buyers looked at properties online first in 2023
- NAR dues-paying membership declined 1.2 percent to 1.53 million in 2023
- Median gross income for Realtors was $54,300 in 2022 survey
- 65 percent of Realtors were licensed for 5 years or less in 2023
- Female Realtors comprised 65 percent of NAR membership in 2023
- Realtors completed 5.4 million transactions in 2023, down 18 percent from 2022
- NAR membership included 1.5 million Realtors actively engaged in 5.09 million transaction sides in 2022
- 20 percent of Realtors specialize in residential brokerage exclusively in 2023
- Average Realtor closed 12 transactions per year in 2023
- 41 percent of Realtors hold a bachelor's degree or higher in 2023
- Realtor.com app had 100 million downloads by end of 2023
- Commission rates averaged 5.49 percent for sellers in 2023
- 90 percent of home sellers used an agent in 2023
- Full-time Realtors median income rose to $56,400 in 2023 survey
Industry Statistics Interpretation
The real estate industry reveals a paradox of intense digital engagement—with 70% of leads coming from a single site—yet startlingly thin earnings for the average Realtor, whose modest median income suggests that in a crowded field of 1.5 million, the digital gold rush is mostly generating digital fool's gold.
Inventory Statistics
- Active listings on Realtor.com increased 15.3 percent year-over-year as of March 2024
- Months' supply of existing homes in March 2024 was 3.7 months, up from 2.7 months a year ago
- New listings in February 2024 were up 15 percent from January but down 3 percent year-over-year
- Total housing inventory at end of March 2024 was 1.32 million units, up 22.5 percent from February
- Unsold new home inventory in March 2024 represented 8.6 months' supply
- Homes for sale nationwide lingered on the market for 52 days in March 2024, up 20 percent year-over-year
- Shadow inventory of distressed properties fell to 0.6 percent of all homes in Q4 2023
- Rental vacancy rate was 6.6 percent in Q1 2024, down from 7.0 percent a year earlier
- Builder confidence index for single-family homes was 51 in April 2024
- Total unsold inventory of new single-family homes was 249,000 units in March 2024
- Inventory of homes for sale reached 1.4 million in April 2024, up 24 percent year-over-year
- Months of supply for new homes was 8.2 in April 2024
- New listings surged 8.5 percent week-over-week in late April 2024
- Under construction single-family homes totaled 639,000 units in Q1 2024
- Vacant for-sale inventory was 720,000 units in Q1 2024
- Days on market for listings hit 53 days median in April 2024
- Distressed sales were 2 percent of all sales in Q1 2024
- Rental inventory growth was 3.2 percent year-over-year in Q1 2024
- Homeowner vacancy rate dropped to 0.7 percent in Q1 2024
Inventory Statistics Interpretation
The market is finally stretching after a long, stiff nap, as more sellers wake up to a reality where buyers can actually browse without having to wrestle each other for the keys.
Price Statistics
- The median sales price of existing homes in 2023 was $389,800, up 5.7 percent from 2022
- Median price per square foot for existing single-family homes in Q1 2024 was $239
- Asking price appreciation for homes listed on Realtor.com in 2023 averaged 5.2 percent year-over-year
- FHFA House Price Index rose 5.2 percent in Q4 2023 from Q4 2022
- Zillow Home Value Index stood at $347,966 in March 2024, up 4.2 percent year-over-year
- Luxury home median sales price in 2023 was $1.18 million, up 8.5 percent from 2022
- Average price per square foot for new homes sold in 2023 was $157, up 4.8 percent
- Case-Shiller National Home Price Index increased 5.1 percent year-over-year in January 2024
- Median listing price on Realtor.com in April 2024 was $428,572, up 0.4 percent from last year
- Redfin median sale price in Q1 2024 was $431,000, up 4.8 percent year-over-year
- Median sales price of new homes in March 2024 was $414,300, up 4.8 percent year-over-year
- CoreLogic Home Price Insights report showed 4.2 percent annual growth in February 2024
- Average regional home price growth in Northeast was 7.2 percent in 2023
- Price per square foot for luxury homes rose 9.1 percent in 2023 to $325
- Zillow observed typical home values up 2.5 percent in 2024 forecast
- Realtor.com Hotness Index ranked Rochester NY as top housing market in March 2024
- Pending sales index hit 84.0 in May 2024, up 1.5 percent month-over-month
- National median listing price growth slowed to 0.1 percent in May 2024
- Median existing-home price hit $407,600 in May 2024, up 5.3 percent year-over-year
- Case-Shiller 20-city index up 6.5 percent year-over-year in March 2024
- New home median price $426,700 in April 2024, up 5.4 percent
Price Statistics Interpretation
Despite the comforting uniformity of these statistics, which suggest a market rising as predictably as a well-timed soufflé, a closer look reveals it's not just inflation but a full-blown case of square-foot sticker shock, where even the crumbs of affordability are getting baked into the price.
Sales Statistics
- In 2023, existing-home sales reached 4.09 million units, marking a 19.8 percent decline from 2022 and the lowest annual total since 1995
- Pending home sales increased by 5.6 percent in March 2024 from February, reaching an index of 75.3, the highest since July 2023
- New home sales in 2023 totaled 668,000 units, down 11.1 percent from 2022
- Total housing starts in 2023 were 1.41 million units, a 6.5 percent decrease from 2022
- Existing condo sales in Q1 2024 were 63,000 units, up 3.3 percent year-over-year
- Single-family home sales in 2023 accounted for 89 percent of all existing-home sales
- Median days on market for existing homes in 2023 was 61 days, up from 29 days in 2020
- Home closings in March 2024 saw a contract failure rate of 16 percent due to appraisals
- First-time buyer share of purchases in 2023 was 32 percent, the highest since 2012
- Repeat buyers made up 68 percent of all buyers in 2023
- In Q4 2023, existing-home sales were 3.82 million seasonally adjusted annual rate, down 4.3 percent from Q3
- Single-family existing home sales in March 2024 totaled 3.1 million annual rate, down 5.9 percent year-over-year
- Condo-co-op sales in 2023 fell 12 percent to 570,000 units
- Total home sales volume in 2023 was $1.6 trillion, down 15 percent from 2022
- Cash sales accounted for 28 percent of all transactions in Q1 2024
- Investor purchases dropped to 15 percent of home sales in 2023, lowest since 2008
- Existing-home sales in April 2024 were 4.14 million annual rate, up 0.8 percent month-over-month
- Total sales contracts in Q2 2024 showed 10 percent year-over-year decline
- New single-family home sales hit 693,000 annual rate in April 2024
- All-cash deals fell to 27 percent of sales in April 2024
- Institutional investor share was 16 percent in Q1 2024
Sales Statistics Interpretation
The housing market is currently a nervous seesaw where first-time buyers are finally getting a seat at the table, but only because high rates and low inventory have made investors cash out and sent everyone else into a waiting game measured in years, not days.
Sources & References
- Reference 1NARnar.realtorVisit source
- Reference 2CENSUScensus.govVisit source
- Reference 3REALTORrealtor.comVisit source
- Reference 4FHFAfhfa.govVisit source
- Reference 5ZILLOWzillow.comVisit source
- Reference 6SPGLOBALspglobal.comVisit source
- Reference 7REDFINredfin.comVisit source
- Reference 8CORELOGICcorelogic.comVisit source
- Reference 9NAHBnahb.orgVisit source
- Reference 10INMANinman.comVisit source