Michael RushReal Estate Broker, Keller Williams Realty DTC · Real Estate Broker at Keller Williams Realty DTC

US Housing Market Update | January 2024

29 Jan 2024 · 1 min

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1:18

In this January 2024 video, real‑estate advisor Michael Rush reports that U.S. home sales fell below 4 million in 2023—the lowest level in three decades—while the national population grew from 260 million in 1993 to 340 million today, creating significant pent‑up demand. He highlights millennials as the dominant prospective buyer group, noting that 72 million millennials exist, with 45.5 million aged 26‑35, the typical window for moving out and purchasing a first home, making them the largest cohort of homebuyers in U.S. history. Rush points to a 90 % probability that the Federal Reserve will cut rates at its March 20 meeting, which should lower mortgage rates and further stimulate buying in 2024. He concludes by urging viewers to consider buying now, positioning himself as a trusted advisor.

Chapters

Hey everyone, Michael Rush here bringing you a US housing market update. Now in 2023, we had less than 4 million houses that were sold on the market. This is the lowest number that we've seen in 30 years. In 1993, we had 260 million people living in the United States. Now we have 340 million people, and last year was a record low year. So there is a ton of pent-up desire and pent-up demand, and people are ready to buy homes in 2024. The number The number one age group that wants to make a move is millennials. There are 72 million millennials and 45.5 million that are between the ages of 26 to 35. Now, 26 is the typical age that someone moves out of their parents' home, and 35 is the typical age when they buy their first home. Now, this is the largest group of homebuyers in United States history. If you've been thinking about making a move, now is definitely the time, especially as we move closer to the Fed's March 20th meeting which there's a 90% sentiment chance that they are going to do a rate reduction on that meeting, and mortgage interest rates are going to follow. My name is Michael Rush, and I'm grateful to be your trusted real estate advisor.