Closed Sales Surge in February
Even with a higher interest rate environment, closed sales of existing homes surged by almost 10% last month to 4.38 million. While sales were down 3.3% year-over-year, last month's gains were the largest seen in 12 months. High demand continued to push median prices higher, with 20% of homes selling above their list prices.
The regions with the highest sales numbers included the West, with sales up 19.4%, followed by the South's 16.4% increase. First-time buyers, however, are still trailing. They represented just over 25% of buyers during February 2024, down 3% from the previous month's percentage.1
More Homebuyers Downsizing
The National Association of Home Builders (NAHB) recently delivered their 2024 study What Home Buyers Really Want. One of the most interesting finds is that even though today's buyers may be working at home more, this only produced a one-year bump in preferred home size. Today, they prefer smaller homes.
Around 20 years ago, a typical home buyer preferred a home with 2,260 square feet of finished area. Last year, that number was down to 2,067 square feet.
- From 2003 to 2012, the typical buyer wanted to buy a home ranging in size from 2,200 to 2,300 square feet.
- Since 2015, that range dropped to between 2,000 and 2,100 square feet.
Instagram Hashtags Are Working Harder
Putting your business on social media is important...but will your prospects be able to find you? If you're on Instagram, here's some good news.
Instagram has updated hashtag performance within the app. Now, when users enter a hashtag, they're connected to the broader search results instead of a Top Posts feed. This is especially good news if you're still building your Instagram following.
By providing access to these additional elements, Instagram hopes to improve profile discovery, as opposed to only highlighting content.
To make the most of this change, be sure your target keywords are included in your profile. This will increase discovery within Instagram's Accounts display. Profiles shown within a hashtag search don't necessarily include that hashtag in every post and update, but they generally have the keyword in in their profile name or description.
Lastly, as Instagram Reels continue to gain traction, searchers can now easily switch over to the dedicated Reels display for any topic.3
Housing Supply Climbs, Prices Stay High
Home inventory is picking up in time for the spring season, and it's already attracting buyers.
The total number of U.S. homes for sale climbed 5% during late February and early March, which translated into the biggest year-over-year uptick since May 2023. New listings rose 15%, the biggest increase since June 2021.
However, increasing inventory hasn't yet put a damper on price growth. The median U.S. home-sale price is up 5.3% year over year, which is the second-biggest increase since October 2022.This puts the median monthly mortgage payment just $31 shy of its all-time high due to elevated mortgage rates and prices.4
Edit Video Anywhere with These Mobile Apps
CapCut was created by the same folks who brought us TikTok, so it's especially effective for editing short-form video content. If you'd like to start your editing on your mobile app, you can continue with CapCut's web-based app or install it on your PC or Mac.
Splice is especially user-friendly for beginning video editors. When you first download the app, it prompts you to select your level of editing experience. Splice even points you towards specific templates and effects based on your goals.
VideoPad is a popular choice for Mac and iPhone users. It supports more than 60 video formats so you can upload your completed video to YouTube or share it online. Adding your personal narration to a listing tour is easy, too.5
Sources: 1cnbc.com, 2eyeonhousing.org, 3socialmediatoday.com, 4redfin.com, 5blog.hootsuite.com
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