<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=1955936548054264&amp;ev=PageView&amp;noscript=1">
Get Started! Call 888-562-6200
 

Spring Market Update

< Back to Articles | Time to Read: 5 minutes

Get the latest real estate news with this quick and easy-to-understand spring 2024 market update!

Real Estate Market:

  • The average rate of a 30-year fixed home loan as of April 11, 2024, is 7.01%, which is an 11.3% increase from the same time last year. Mortgage rates remain higher than we'd like, but with the Fed's last five decisions to hold rates steady, we are seeing a minor rate decrease.

  • As of February 2024, the median sales price of existing homes in the U.S. increased to $384,500 from $378,600 in January. However, that's a 6.24% decrease from June 2023.

  • As of February 2024, housing inventory is up 8% from December 2023 and up 10% from the same time last year. Housing inventory has been one of the biggest hurdles, but this steady increase is giving some relief to buyers. 

  • U.S. homeowners hold $31.7 trillion in equity, up 49% from 2020, and the average homeowner has $299k in equity due to home price increases. 

  • The average home buyer credit score has reached 737, the highest number since Optimal Blue began tracking this data in 2018. 

Financial Market:

  • The U.S. annual inflation rate increased from 3.2% in February 2024 to 3.5% in March 2024, which matched economists' predictions. 

  • 303,000 new jobs were added in March 2024, up from the previous months, marking a steady pace in hiring. Unemployment declined slightly to 3.8%, which is historically low, especially after the unemployment spike in 2020 at 14.8%. The sectors with the largest growth were hospitals, restaurants, local governments, warehouse retailers, and specialty trade contractors. 

  • Real gross domestic product (GDP) increased at an annual rate of 3.4% in the fourth quarter of 2023. The economy remains strong despite grim forecasts from economists last year. 

What This Means for You

Current home buyers can navigate rates by leveraging our Rate Relief program. Future home buyers or those looking to refinance can sign up for our Rate Watch program and get alerted if rates drop later this year.

Want to get in touch with a mortgage expert to find out if one of these options is right for you? Click here to get started!

Are you buying a home or refinancing?

Where are you planning to buy a home?

Please Select a State

What is your full name?

Please Enter a Name
Please Enter a Last Name

What is your email address?

Please Enter a Valid Email Address
  We won't share your information.

Next, we need to verify a phone number.

Enter a Valid Phone Number
Please Select a Message Type

Enter your phone number and we'll text you a 6-digit security code to verify it's you. Standard texting and data rates may apply. For more information, read our Privacy Policy.

Enter the 6-digit code sent to your device.

 Code sent to +1234567890

Finally, how did you hear about us?

Please Select an Option

By submitting this form, I/we agree to your Privacy Policy Terms of Use and authorize Churchill Mortgage Corporation and/or their Preferred Provider for our area and/or The Churchill Agency to receive the above information to assist in obtaining a home loan.

I/we also authorize Churchill Mortgage Corporation, The Churchill Agency and/or their Preferred Provider for our area to contact us regarding but not limited to mortgage and insurance services and products via telephone, mobile phone (including through automated dialing), and/or email, even if telephone numbers or email I/we provide are on any Do Not Call/Contact Registry, such as corporate, state, or the National Do Not Call Registry. The submission of this form does not constitute in any way a formal loan application or a commitment for a loan. By communicating with us by phone, you consent to calls being recorded and monitored. By participating, you consent to receive text messages sent by an automatic telephone dialing system. Consent to these terms is not a condition of purchase.

Your answer will NOT negatively affect your mortgage application. Your answer does not mean the Lender or Other Loan Participants agree to communicate or provide documents to you in your preferred language. However, it may let them assist you or direct you to persons who can assist you. Language assistance and resources may be available through housing counseling agencies approved by the U.S. Department of Housing and Urban Development. To find a housing counseling agency, contact one of the following Federal government agencies. U.S. Department of Housing and Urban Development (HUD) at (800)569-4287 or www.hud.gov/counseling

Es probable que su transacción de préstamo hipotecario suceda en inglés. Por medio de esta pregunta, solicitamos información para determinar si existen comunicaciones disponibles a su servicio, en su idioma preferido. Sírvase tener en cuenta: posiblemente NO hay comunicaciones disponibles en su idioma preferido.

Thank You!

Thank you for choosing Churchill Mortgage to help you with your home loan needs!

Our team is already hard at work connecting you with your Home Loan Specialist. Rest assured that we've received your request and will be in touch with you shortly.

social proof logos

Already working with someone at Churchill?

Find Your Home Loan Specialist

Please Select a Loan Officer