The first quarter of 2024 is the only 1Q in recent history to have increases in BOTH the number of listings AND the median list price. Previously, increases in pricing had a corresponding dip in the number of listings available for buyers to consider.
If you are like me, you’ve seen a noticeable surge in seller optimism in 2024. It’s not just the median list price that is up 8%, doesn’t it seem like everything is $200,000 higher than last year?
Irrational Exuberance
https://en.m.wikipedia.org/wiki/Irrational_exuberance
But, after watching the price of groceries almost double in 2-3 years. Home prices might just be inflation.
Or, maybe both. Either way (or both) not good for the economy.