Q3 Market Insights: Owners, Renters, Prices, Trends & Seasonality

Q3 Market Insights: Owners, Renters, Prices, Trends & Seasonality

  • Alexander Fromm Lurie
  • 11/16/24

The latest Profile of Owners & Renters was published by the Census on 10/30/24: It compares a variety of factors - such as income, age, education - pertaining to owners and renters. 



https://www.census.gov/library/visualizations/2024/demo/owners-and-renters.html

NAR updated their quarterly metro-area price data:  87% of metro markets registered year-over-year home price gains in Q3 2024, as the 30-year fixed mortgage rate ranged from 6.08% to 6.95%. Note that "metro areas" typically cover much larger areas than just the cities they're named for. For example, the San Francisco metro area covers 5 counties (SF, Marin, San Mateo, Alameda, Contra Costa). However, the San Jose metro area is 99% composed of Santa Clara County, the county market in the U.S. seeing the biggest impact from the AI boom.



Complete NAR metro-area Q3 price list:  https://drive.google.com/file/d/1MnxbwCAwo6IZokSP6znbVNTrgD90_pFD/view?usp=sharing 
 
NAR also just issued their "2024 Profile of Home Buyers and Sellers." This slide includes some highlights, and the link following goes to the full news release and report. 



 
Weekly & Daily Average Interest Rates:  The daily rate has begun to tick down in the last 2 business days, too early to know if it's the beginning of a sustained decline.





The Fed reduced its benchmark rate by another quarter percent. 




Stock markets hit new highs. 






Updated Market Seasonality Reports



























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