Top things to know this month:
- There were 369K home sales in the US in November (a 12% decrease from October)
- The Home Sales Predictor model predicts there will be 383K home sales in December and 317k in January 2024
- If the December prediction is accurate, there will have been a total of 5,087,753 homes sales (new & existing) in 2023
This year sure was, something, wasn’t it? With the constant threat of a recession, painfully high interest rates and less than ideal inventory, it’s been, a lot. While it isn’t always easy, we firmly believe the best things in life are often those that challenge us and push us. This profession certainly does that, and it’s why we’re so proud to be on this journey with you and look forward to continuing these predictions in the new year.
And maybe some good news ahead as signs are pointing to 2024 bringing some recovery. With 5 weeks straight of mortgage application increases and interest rates loosening their grip, the pent-up demand as people have been waiting on the sidelines is surely going to make for an interesting Spring, and year as a whole.
Looking at our final numbers for the year, there were 369K home sales across the U.S. in November. This was 5% fewer than we predicted, and a 12% decrease from October, which isn’t surprising for this time of year.
The HSP model predicts there will 383K home sales in December, which would be a 4% increase from November.
As we close the book on 2023 and crack open a fresh one in 2024, the Home Sales Predictor is showing we’ll kick-off the year with 317K homes sold, a 17% decrease from December, but an 8% increase YoY, which we of course like to see. If our prediction for December is accurate, that means there will have been 5,087,753 home sales in 2023. This accounts for both new construction and existing (or as we like to call it agent-assisted home sales).
Ending the year just over 5 million homes sold proves that while this year was hard for so many, people still bought and sold homes at a similar rate to other years, and the agents who worked their sphere and stayed the course were there to assist their clients when they were ready to transact.
Well, that’s a wrap for the 2023 Home Sales Predictor. We hope that you are able to wrap up your own year, holding your head high knowing you did the best you could with the circumstances you were given this year. We look forward to whatever whacky interesting curve balls 2024 throws at us and we can’t wait to continue to support you in the New Year.
Happy Holidays from MoxiWorks and your Home Sales Predictor crew.
Want more data? Catch up on the most recent Home Sales Predictor reports:
November 2023 Home Sales Predictor
October 2023 Home Sales Predictor
September 2023 Home Sales Predictor
Home Sales Predictor
This data correlates user activity within MoxiWorks products to the predicted number of closed listings two months into the future. Learn more about, or subscribe to, the Home Sales Predictor.
