U.S. Residential Real Estate Economic Analysis 2024
September 13, 2024 Update:
US Housing and Urban Development has a monthly update from August 2024, found here.
It suggests that in July 2024, home sales rose, new home construction (and inventory) fell, prices rose for the year between 5.1% to 6.5%, inventory of existing homes for sale rose, affordability to buy a home fell, forbearance on mortgage loans is still below a year ago (0.27% or 136k households vs. 0.39% or 196k households), and 30-year fixed rate mortgage rates are now below 6.5%, down from a peak of 7.22% in May 2024.
The National Association of realtors has not updated their July 2024 data, which still shows existing home sales are up (1.3%), but pending home sales are down (-5.5%). The existing home sales Seasonally Adjusted Annual Rate (SAAR) is 3.95 million homes. Inventory is 4.0 months, and the median sales price is $422,600., as seen here.
As a reminder, the peak for home sales in the USA (average and median) seem to have peaked in Q4/2022 according to FRED, or the Federal Reserve Bank of Saint Louis, here and here. This is through July 2024 data collection.
The U.S. Department of Housing and Urban Development shows a story of a tightening housing market. In July 2024, new home sales of single-family homes had a SAAR of 739,000, which is up from the prior month and year. Home sales grew in July, even after adjusting for seasonality.
However, New Homes Sold exceeded New Homes for Sale by 277,000 homes in July. Their median sales price is similar, but not exactly the same as FRED above, at $429,800 / home sold and the average is $514,800.
The US HUD housing supply of new homes for sale represents a supply of 7.5 months at the current sales rate.
US Housing and Urban Development has a monthly update from August 2024, found here.
It suggests that in July 2024, home sales rose, new home construction (and inventory) fell, prices rose for the year between 5.1% to 6.5%, inventory of existing homes for sale rose, affordability to buy a home fell, forbearance on mortgage loans is still below a year ago (0.27% or 136k households vs. 0.39% or 196k households), and 30-year fixed rate mortgage rates are now below 6.5%, down from a peak of 7.22% in May 2024.
The National Association of realtors has not updated their July 2024 data, which still shows existing home sales are up (1.3%), but pending home sales are down (-5.5%). The existing home sales Seasonally Adjusted Annual Rate (SAAR) is 3.95 million homes. Inventory is 4.0 months, and the median sales price is $422,600., as seen here.
As a reminder, the peak for home sales in the USA (average and median) seem to have peaked in Q4/2022 according to FRED, or the Federal Reserve Bank of Saint Louis, here and here. This is through July 2024 data collection.
The U.S. Department of Housing and Urban Development shows a story of a tightening housing market. In July 2024, new home sales of single-family homes had a SAAR of 739,000, which is up from the prior month and year. Home sales grew in July, even after adjusting for seasonality.
However, New Homes Sold exceeded New Homes for Sale by 277,000 homes in July. Their median sales price is similar, but not exactly the same as FRED above, at $429,800 / home sold and the average is $514,800.
The US HUD housing supply of new homes for sale represents a supply of 7.5 months at the current sales rate.
August 16, 2024 Update: There will be fewer new homes on the market this winter, both multi-family and single-family.
The - The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced data today:
- Building permits are down in July for multi-family homes, flat for single family.
- Housing starts are down, primarily in single family homes.
- Housing completions are down, primarily in multi-family homes.
At this level, multi-family new home construction is and will be lower. Single-family homes are flat and will be lower.
Completions: 1.5M annual rate
Starts: 1.2M annual rate
Permits (future starts, maybe): 1.4M
The new home market is shrinking slightly, but still in the range (1.2M to 1.8M) seasonably adjusted range.
This compares to a housing stock of ~100M to ~170M residential properties in America that are on average 47 years old, and suggests a housing growth rate of 0.5% (+1% new and -0.5% too old to inhabit) and a modest contribution to economic growth.
The - The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced data today:
- Building permits are down in July for multi-family homes, flat for single family.
- Housing starts are down, primarily in single family homes.
- Housing completions are down, primarily in multi-family homes.
At this level, multi-family new home construction is and will be lower. Single-family homes are flat and will be lower.
Completions: 1.5M annual rate
Starts: 1.2M annual rate
Permits (future starts, maybe): 1.4M
The new home market is shrinking slightly, but still in the range (1.2M to 1.8M) seasonably adjusted range.
This compares to a housing stock of ~100M to ~170M residential properties in America that are on average 47 years old, and suggests a housing growth rate of 0.5% (+1% new and -0.5% too old to inhabit) and a modest contribution to economic growth.
August 15, 2024 Update: The economic news is showing that Americans are working, but are spending less on discretionary purchases after adjusting for inflation. We also see that the US economy is producing fewer consumer goods, and is likely to reduce the building of new single-family homes. The story is one of declining standards of living.
The U.S. National Association of Home Builders (nahb.org) lowered their new single-family home builder sentiment or confidence rating to 39 in August, the lowest reading since December 2023. A score of 50 means neither good nor poor.
September 2023 through April 2024 were a great time for U.S. employment, with initial jobless claims (4-week moving average) bottoming out at around 210 thousand and continuing jobless claims holding steady at ~1.825 million (seasonably adjusted). However, the latest reading in August shows job market improvement, with lower initial jobless claims. Both of these numbers are up starting from May through August (seasonably adjusted), which is part of what caused the recent panic over recession. Nobody knows whether the the August improvement continues (helping the real estate market) or if it will continue to falter. Source
Now, there was consumer spending data that came out today. The headline is that this was a strong and powerful performance showing that the U.S. consumer was healthy and spending was growing. That is not the case, IMO.
Industrial production data was released by the Federal Reserve today. Source
It shows Industrial Production down 0.6%, and capacity utilization at 77.8%. Those are not great readings, but the insight is in a few consumer-focused subdivisions falling faster.
U.S. Census Bureau today published Monthly Sales for Retail and Food Services (advance estimate). It
It shows that sales are up 2.7% for the past year, but not adjusted for inflation, which was 2.9% over the same period.
"Advance estimates of U.S. retail and food services sales for July 2024, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $709.7 billion, an increase of 1.0% (±0.5 percent) from the previous month, and up 2.7 percent (±0.5 percent) from July 2023. Total sales for the May 2024 through July 2024 period were up 2.4 percent (±0.5 percent) from the same period a year ago. The May 2024 to June 2024 percent change was revised from virtually unchanged (±0.5 percent)* to down 0.2 percent (±0.2 percent)*." Source
Unfortunately, this means that real sales were down 0.2% over the past year. Why? The 'all items index' of the consumer price index CPI-U was up 2.9% over the same period (data published August 14, 2024 through July 2024). This includes food. One thing that is going up is shelter pricing, up 5.1% over the past year, which might be where some of the spending power is being redirected to. Source
One more data point for comparison. The Chinese National Bureau of Statistics showed a 4.9% decline in new home prices from a year ago. Only two of the seventy cities surveyed, only two, Shanghai and Xian, reported a rise in new home prices in the current month (July 2024). The other sixty-eight cities had price declines. Only Shanghai saw an increase MoM in existing home prices in July 2024. This tells us it is possible for an entire country to suffer from housing disinflation. Source
The U.S. National Association of Home Builders (nahb.org) lowered their new single-family home builder sentiment or confidence rating to 39 in August, the lowest reading since December 2023. A score of 50 means neither good nor poor.
- Sales: 44 and traffic: 25 are lower in August.
- Home builders price cuts in August: 33%, up from 31% in July.
- Average home builder discount in August: 6% (same for 14 months).
- Sales incentives offered in August: 64%
- Source
September 2023 through April 2024 were a great time for U.S. employment, with initial jobless claims (4-week moving average) bottoming out at around 210 thousand and continuing jobless claims holding steady at ~1.825 million (seasonably adjusted). However, the latest reading in August shows job market improvement, with lower initial jobless claims. Both of these numbers are up starting from May through August (seasonably adjusted), which is part of what caused the recent panic over recession. Nobody knows whether the the August improvement continues (helping the real estate market) or if it will continue to falter. Source
Now, there was consumer spending data that came out today. The headline is that this was a strong and powerful performance showing that the U.S. consumer was healthy and spending was growing. That is not the case, IMO.
Industrial production data was released by the Federal Reserve today. Source
It shows Industrial Production down 0.6%, and capacity utilization at 77.8%. Those are not great readings, but the insight is in a few consumer-focused subdivisions falling faster.
- Consumer Goods: down 1.0%
- Utilities: down 3.7%; and a capacity reading of 71.0% after a YoY growth of 3.5%. IMO: We are building new energy producing plants but not operating the older, more expensive ones as peak demand has waned. This could be a climate change success story (under the covers).
- Business Equipment down 0.2%
U.S. Census Bureau today published Monthly Sales for Retail and Food Services (advance estimate). It
It shows that sales are up 2.7% for the past year, but not adjusted for inflation, which was 2.9% over the same period.
"Advance estimates of U.S. retail and food services sales for July 2024, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $709.7 billion, an increase of 1.0% (±0.5 percent) from the previous month, and up 2.7 percent (±0.5 percent) from July 2023. Total sales for the May 2024 through July 2024 period were up 2.4 percent (±0.5 percent) from the same period a year ago. The May 2024 to June 2024 percent change was revised from virtually unchanged (±0.5 percent)* to down 0.2 percent (±0.2 percent)*." Source
Unfortunately, this means that real sales were down 0.2% over the past year. Why? The 'all items index' of the consumer price index CPI-U was up 2.9% over the same period (data published August 14, 2024 through July 2024). This includes food. One thing that is going up is shelter pricing, up 5.1% over the past year, which might be where some of the spending power is being redirected to. Source
One more data point for comparison. The Chinese National Bureau of Statistics showed a 4.9% decline in new home prices from a year ago. Only two of the seventy cities surveyed, only two, Shanghai and Xian, reported a rise in new home prices in the current month (July 2024). The other sixty-eight cities had price declines. Only Shanghai saw an increase MoM in existing home prices in July 2024. This tells us it is possible for an entire country to suffer from housing disinflation. Source
August 8, 2024
We are learning more about the residential real estate market in the United States. As we research home brokerage, residential real estate REITs, real estate investors, home ibuyers, and housing social media companies, we have come across key metrics.
This is research into U.S. Residential Real Estate economics that leaves you, our reader, to draw conclusions.
We are learning more about the residential real estate market in the United States. As we research home brokerage, residential real estate REITs, real estate investors, home ibuyers, and housing social media companies, we have come across key metrics.
This is research into U.S. Residential Real Estate economics that leaves you, our reader, to draw conclusions.
Summary of data:
- The US residential real estate market is approximately the same size as the US stock market.
- The market has increased in value due to housing inflation, although recently both markets have begun to cool.
- As demand for homes declines (anecdotally), and existing home listings increase (now 1.32 million and a 4.1 month supply), housing prices could turn deflationary to clear inventory.
- Average sales prices break the ($500k to $565k) level, approximately the level of median new home sales.
- Median sales prices ($350k to $390k) continue a decades-long trend of increases, with recent acceleration.
- There are 111 million single family homes in America at an average age of 47 years.
- Pending home sales are up ~5% and actual home sales are down ~5%.
U.S. Housing Market valuation: $49.6 trillion, as of August 8, 2024, for 97.6 million homes. 1 This is up 6.6% year-on-year, comprised of
1) Rural 21 million homes (up 7% YoY)
2) Suburban 57 million homes (up 6% YoY)
3) Urban 22 million homes (up 6% YoY).
Source: Redfin
1) Rural 21 million homes (up 7% YoY)
2) Suburban 57 million homes (up 6% YoY)
3) Urban 22 million homes (up 6% YoY).
Source: Redfin
Redfin produced a summary for June, 2024 home sales 14
Home prices nationwide were up 4.0% year-over-year in June. At the same time, the number of homes sold fell 11.4% and the number of homes for sale rose 14.9%.
Home prices nationwide were up 4.0% year-over-year in June. At the same time, the number of homes sold fell 11.4% and the number of homes for sale rose 14.9%.
Monthly residential real estate construction showing completions (s.a.) exceeding permits (266k) and starts (357K) in June 2024. Next release: August 16, 2024. This indicates a new construction slow-down in the coming months. Source: US Census Bureau.
New residential real estate sales (s.a.) sold exceeds new houses for sale (141k) on an annualized basis. Median sales price for new homes: $487,200, and this represents a 9.3 month supply.
Next release: August 23, 2024. Source: U.S. Census Bureau.
Next release: August 23, 2024. Source: U.S. Census Bureau.
Mortgage News Daily posts the results of their 30-year fixed mortgage rates, which are averaged into the rates published by Freddie Mac, MCA, and FHFA. Those rates are 6.55% on August 12, 2024, and were 7% on July 9, 2024. These rates have been in a gradual curve up and down since December 2023. The question is whether rates stay low or rise...especially since Fed policy rates are above 5.25%.
Mortgage News Daily chart of 30-year fixed mortgage rates screen captured on August 12, 2024 at 13:41.
Mortgage Rates have been volatile, and have moved with the 10-year US Treasury Note yield. Today, that yield rose back to 4%, and has fluctuated between 3 1/3% and 5% during the past year. We use the website Mortgage News Daily for data.
Source: Yahoo Finance 2
Source: Yahoo Finance 2
The median price of a home sold and listed, has been rising since the pandemic in 2020, but that pace has either slowed or reversed since June 2024. This is good news for inflation and home buyers, but is a hard reset for home owners and sellers.
There are different sources for this data, so we will provide some estimate ranges here.
Median sale price: $389,750 (four weeks ending August 4, 2024), YoY +3.2% (down from June)
Median asking price: $401,500, YoY +6%
Pending home sales: 82,075 (-6.7% YoY)
Homebuyer demand index (-13% YoY)
New home sale listings: 95,968 (+5.9% YoY)
Months of supply: 3.4 (vs. four to five months considered balanced, lower favors sellers)
Median days on market: 34 (+6 days YoY)
Home prices lowered: 7.2% (was 5.2% last year, and highest level on record)
Source: Redfin 3
There are different sources for this data, so we will provide some estimate ranges here.
Median sale price: $389,750 (four weeks ending August 4, 2024), YoY +3.2% (down from June)
Median asking price: $401,500, YoY +6%
Pending home sales: 82,075 (-6.7% YoY)
Homebuyer demand index (-13% YoY)
New home sale listings: 95,968 (+5.9% YoY)
Months of supply: 3.4 (vs. four to five months considered balanced, lower favors sellers)
Median days on market: 34 (+6 days YoY)
Home prices lowered: 7.2% (was 5.2% last year, and highest level on record)
Source: Redfin 3
A few key statistics from Zillow, who has a 'super app' in residential real estate:
- Average US home value is $363,438, up 3.8% YoY 8
- U.S. For-Sale Inventory: 1,099,227 homes (June 30, 2024)
- New Listings: 391,461 homes (36% of listings are new)
- Median days to pending (sales, June 30, 2024): 14 days
- Median sale price: $354,333 (May 31, 2024)
- Median list price: $405,900 (June 30, 2024)
- Sold Over/Under List Price: (33%, 48%) as of May 31, 2024
- Number of homes in a U.S. nationwide database: 160M+ 4
- Total value of the U.S. housing market: $51,931.3 billion in September 2023. 5
- Average US home value is $363,438, up 3.8% YoY 8
- U.S. For-Sale Inventory: 1,099,227 homes (June 30, 2024)
- New Listings: 391,461 homes (36% of listings are new)
- Median days to pending (sales, June 30, 2024): 14 days
- Median sale price: $354,333 (May 31, 2024)
- Median list price: $405,900 (June 30, 2024)
- Sold Over/Under List Price: (33%, 48%) as of May 31, 2024
- Number of homes in a U.S. nationwide database: 160M+ 4
- Total value of the U.S. housing market: $51,931.3 billion in September 2023. 5
A few thoughts from Bankrate dot com, who offers financial information: 6
- Seasonality matters. The prime real estate season ends with the end of Summer. Expect longer listing times in fall and winter.
- Median price for existing homes: $419,300.
- Seasonality matters. The prime real estate season ends with the end of Summer. Expect longer listing times in fall and winter.
- Median price for existing homes: $419,300.
Attom has US Real estate data on their website (as of August 9, 2024): 7
- Average home age (single family home): 47 years
- Total Residential Properties: 110,679,484
- 2023 Residential Sales: 4,261,032
- Average square feet in a single family home: 1,846
- TTM Residential Properties Sold: 4,549,074 (trailing twelve months)
- Median home sales price (single family home): $386,750
- Median home value (TTM): $366,082 (so home prices 'as sold' have risen ~7% this past year)
- Average home age (single family home): 47 years
- Total Residential Properties: 110,679,484
- 2023 Residential Sales: 4,261,032
- Average square feet in a single family home: 1,846
- TTM Residential Properties Sold: 4,549,074 (trailing twelve months)
- Median home sales price (single family home): $386,750
- Median home value (TTM): $366,082 (so home prices 'as sold' have risen ~7% this past year)
National Association of Realtors has a few statistics to share: 9, 15
- U.S. Realtors Affordability Score (R - Registered Trademark): 0.62 (4/1/2024)
- U.S. pending home sales +4.8% (June 2024) [this is contract activity, and leads home sales by up to two months]
According to NAR Chief Economist Lawrence Yun, "The rise in housing inventory is beginning to lead to more contract signings. Multiple offers are less intense, and buyers are in a more favorable position."
- U.S. existing home sales -5.4% (June 2024)
"We're seeing a slow shift from a seller's market to a buyer's market," said NAR Chief Economist Lawrence Yun. "Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis."
- U.S. mean sales price of existing single-family homes (as of 7/23/2024): $565,200 (June 2024)
- U.S. median sales price of existing single-family homes: $432,700 (June 2024 preliminary), up 4.1% YoY 10
- Regional: Midwest: $330k up 5%, West $643 up 3%, South $380k up 1.5%, and Northeast 536k up 11%
- U.S. Inventory: 1,320,000, 4.1 month supply (inventory up 23%, and supply up 32% YoY)
A key metric is annualized sales for June 2024: 3.89 million units - seasonably adjusted rate.
- U.S. Realtors Affordability Score (R - Registered Trademark): 0.62 (4/1/2024)
- U.S. pending home sales +4.8% (June 2024) [this is contract activity, and leads home sales by up to two months]
According to NAR Chief Economist Lawrence Yun, "The rise in housing inventory is beginning to lead to more contract signings. Multiple offers are less intense, and buyers are in a more favorable position."
- U.S. existing home sales -5.4% (June 2024)
"We're seeing a slow shift from a seller's market to a buyer's market," said NAR Chief Economist Lawrence Yun. "Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis."
- U.S. mean sales price of existing single-family homes (as of 7/23/2024): $565,200 (June 2024)
- U.S. median sales price of existing single-family homes: $432,700 (June 2024 preliminary), up 4.1% YoY 10
- Regional: Midwest: $330k up 5%, West $643 up 3%, South $380k up 1.5%, and Northeast 536k up 11%
- U.S. Inventory: 1,320,000, 4.1 month supply (inventory up 23%, and supply up 32% YoY)
A key metric is annualized sales for June 2024: 3.89 million units - seasonably adjusted rate.
FRED Economic Data (from the St. Louis Federal Reserve Bank): 11
Average sales price for homes sold in Q2/2024: $502k *(down from $520k in Q1/2024)
-- This number is up from $397k in Q4/2020, and $295k in Q3 2012, and $193k in Q3 1999
Median sales price in Q2/2024: $412k *(down from $427k in Q1)
Average sales price for homes sold in Q2/2024: $502k *(down from $520k in Q1/2024)
-- This number is up from $397k in Q4/2020, and $295k in Q3 2012, and $193k in Q3 1999
Median sales price in Q2/2024: $412k *(down from $427k in Q1)
FRED Active Listing Count in the U.S.: 884,273 homes (rising, back to pre-pandemic levels), this includes single-family homes, and condos and townhomes in July 2024 by Realtor.com, with a new and improved methodology that attempts to eliminate duplicate listings and improve accuracy.
FRED Existing Housing Inventory (June 2024): 1,320,000, up from 990,000 in December 2023. This is the total number of active listings and pending sales by NAR.
Housing Affordability Index (June 2024): 93.3, and is down from 105 in January 2024 (NAR copyrighted data), but shows declining affordability (ability to qualify for a mortgage).
Value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home. An index above 100 signifies that family earning the median income has more than enough income to qualify for a mortgage loan on a median-priced home, assuming a 20 percent down payment. This index is calculated for fixed mortgages.
New Privately-Owned Housing Units Started (single-family units, annual rate in June 2024): 980,000 13
New Privately-Owned Housing Units Started (total units, annual rate in June 2024): 1,353,000
-- Both of these rates are up from the lows set in the Great Financial Crisis, and are near historical averages since 1960.
FRED Existing Housing Inventory (June 2024): 1,320,000, up from 990,000 in December 2023. This is the total number of active listings and pending sales by NAR.
Housing Affordability Index (June 2024): 93.3, and is down from 105 in January 2024 (NAR copyrighted data), but shows declining affordability (ability to qualify for a mortgage).
Value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home. An index above 100 signifies that family earning the median income has more than enough income to qualify for a mortgage loan on a median-priced home, assuming a 20 percent down payment. This index is calculated for fixed mortgages.
New Privately-Owned Housing Units Started (single-family units, annual rate in June 2024): 980,000 13
New Privately-Owned Housing Units Started (total units, annual rate in June 2024): 1,353,000
-- Both of these rates are up from the lows set in the Great Financial Crisis, and are near historical averages since 1960.
We are hearing about a lack of housing supply.
- Existing homes listings are up, so that isn't it.
- What about new homes? New housing starts running about average for the past 64 years. However, there are more completions than permits or starts in new homes, so future-looking data suggests a future tightening of new home availability. This could be a purposeful tightening by large home builders who are forecasting weakness post-election.
- Existing homes listings are up, so that isn't it.
- What about new homes? New housing starts running about average for the past 64 years. However, there are more completions than permits or starts in new homes, so future-looking data suggests a future tightening of new home availability. This could be a purposeful tightening by large home builders who are forecasting weakness post-election.
Sources:
1. https://finance.yahoo.com/news/u-housing-market-nears-50-123000664.html, https://www.redfin.com/news/housing-market-value-june-2024/
2. https://finance.yahoo.com/quote/%5ETNX/
3. https://finance.yahoo.com/news/redfin-reports-mortgage-rates-drop-120000565.html,
https://www.businesswire.com/news/home/20240808412530/en/
4. Zillow Q2 2024 Shareholder letter
5. https://www.prnewswire.com/news-releases/us-housing-value-has-surged-gaining-more-than-2-6-trillion-in-the-past-year-301938414.html
6. https://www.bankrate.com/real-estate/housing-trends/#strategies
7. https://www.attomdata.com/data/us-real-estate/
8. https://www.zillow.com/home-values/102001/united-states/
9. https://www.nar.realtor/research-and-statistics/housing-statistics
10. https://cdn.nar.realtor/sites/default/files/documents/ehs-06-2024-single-family-only-2024-07-23.pdf
11. https://fred.stlouisfed.org/release/tables?rid=97&eid=206107#snid=206117
12. https://fred.stlouisfed.org/series/ACTLISCOUUS
13. https://fred.stlouisfed.org/series/HOUST1F
14. https://www.redfin.com/us-housing-market
15. https://www.nar.realtor/research-and-statistics/housing-statistics/pending-home-sales
1. https://finance.yahoo.com/news/u-housing-market-nears-50-123000664.html, https://www.redfin.com/news/housing-market-value-june-2024/
2. https://finance.yahoo.com/quote/%5ETNX/
3. https://finance.yahoo.com/news/redfin-reports-mortgage-rates-drop-120000565.html,
https://www.businesswire.com/news/home/20240808412530/en/
4. Zillow Q2 2024 Shareholder letter
5. https://www.prnewswire.com/news-releases/us-housing-value-has-surged-gaining-more-than-2-6-trillion-in-the-past-year-301938414.html
6. https://www.bankrate.com/real-estate/housing-trends/#strategies
7. https://www.attomdata.com/data/us-real-estate/
8. https://www.zillow.com/home-values/102001/united-states/
9. https://www.nar.realtor/research-and-statistics/housing-statistics
10. https://cdn.nar.realtor/sites/default/files/documents/ehs-06-2024-single-family-only-2024-07-23.pdf
11. https://fred.stlouisfed.org/release/tables?rid=97&eid=206107#snid=206117
12. https://fred.stlouisfed.org/series/ACTLISCOUUS
13. https://fred.stlouisfed.org/series/HOUST1F
14. https://www.redfin.com/us-housing-market
15. https://www.nar.realtor/research-and-statistics/housing-statistics/pending-home-sales
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