Year-To-Date 2024 vs. Year-To-Date 2023

Matthew Gardner
Matthew GardnerMatthew Gardner
• 1st• 1st
Speaking about economic trends and their impact on the real estate industry.Speaking about economic trends and their impact on the real estate industry.
1w • 1 week ago
A number of people have been asking me why there appears to still be buyers out looking for new homes given where mortgage rates are today and, quite frankly, I didn’t have a great answer for them!

Well! I happened across a paper published by my colleagues over at Freddie Mac which offers a possible answer to their question.

They suggest that there is significant growth in purchase demand for homes with sales prices above $800,000 and that – given the current lack of inventory – it appeared to them that buyers had little choice but to search in the higher price points for their homes and that those at the margin were being priced out.

Geographically speaking, they saw the Midwest as seeing the greatest increase in demand, but demand tapering on either coast and in parts of the South.

So now you know….