Market Update November 13, 2024 - Meg Tierney
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Market Update November 13, 2024

November 13, 2024

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

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.

NAR also just issued their “2024 Profile of Home Buyers and Sellers.” Following are highlights. Read the full report here at https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers