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Despite a persistent shortage of homes for sale, buyer activity has intensified in early 2024, signaling a competitive spring market. Data from March shows a stronger monthly increase in home tours and purchase offers compared to the same period last year, a leading indicator for robust closed sales in April and May. This trend suggests buyers are adapting to market challenges with heightened determination.
The surge in buyer activity, as measured by home tours and submitted offers, is a key component of housing market demand. This demand is a primary driver of home prices and market pace. When more buyers are actively touring homes and making offers, it typically leads to a faster rate of pending sales—homes under contract but not yet closed. The data from March indicates that buyer resolve has not been diminished by low inventory; instead, competition for available properties is increasing. This activity is a forward-looking indicator, meaning it predicts closed sales data that will be reported in the subsequent months.
Buyers in today's market are employing several strategies to compete effectively. Based on our experience assessment, successful buyers are often those who have their financing pre-approved and are prepared to make quick, strong offers. The data suggests that the psychological barrier of low inventory may be creating a sense of urgency among those who are ready to buy. This is reflected in the stronger monthly gains, showing that buyers are not waiting for a hypothetical increase in new listings but are actively pursuing the current available inventory.
| Market Metric | March 2024 (Year-over-Year Change) | Implication |
|---|---|---|
| Home Tours | Stronger Monthly Gain | Increased buyer interest and foot traffic. |
| Purchase Offers | Stronger Monthly Gain | Heightened competition and bidding activity. |
| Projected Closed Sales | Expected Gain in April/May | The result of increased early-spring activity. |
The consistent strength in early-stage buyer activity points toward a busy spring season. The transition from March's leading indicators to April and May's closing figures is typically reliable. Buyers should anticipate a market where well-priced homes move quickly, potentially with multiple offers. Sellers in many markets may find themselves in a favorable position, but pricing a home correctly remains critical to attracting serious buyers. The overall health of the market appears stable, driven by fundamental demand despite economic uncertainties.
For buyers, getting pre-approved for a mortgage and being ready to act decisively is crucial. For sellers, accurate pricing and presenting your home well are more important than ever in a market where motivated buyers are actively searching.
