---
title: Spring 2024 Real Estate Market Update
description: Get the latest real estate news with this quick and easy-to-understand update!
---

[Articles | Churchill Mortgage ](https://www.churchillmortgage.com/articles)

# [Spring 2024 Real Estate Market Update](https://www.churchillmortgage.com/articles/spring-market-update)

 Written by [Churchill Mortgage](https://www.churchillmortgage.com/articles/author/churchill-mortgage) | April, 12, 2024

Get the latest real estate news with this quick and easy-to-understand spring 2024 market update!

## **Real Estate Market:**

- The [average rate of a 30-year fixed home loan](https://www.investing.com/economic-calendar/mba-30-year-mortgage-rate-1042) as of April 11, 2024, is 7.01%, which is an 11.3% increase from the same time last year. Mortgage rates remain higher than we'd like, but with the Fed's last five decisions to hold rates steady, we are seeing a minor rate decrease.
- As of February 2024, the [median sales price of existing homes](https://fred.stlouisfed.org/series/HOSMEDUSM052N) in the U.S. increased to $384,500 from $378,600 in January. However, that's a 6.24% decrease from June 2023.
- As of February 2024, [housing inventory](https://tradingeconomics.com/united-states/total-housing-inventory) is up 8% from December 2023 and up 10% from the same time last year. Housing inventory has been one of the biggest hurdles, but this steady increase is giving some relief to buyers. 
- U.S. homeowners hold [$31.7 trillion in equity](https://fred.stlouisfed.org/series/OEHRENWBSHNO), up 49% from 2020, and the average homeowner has [**$299k in equity**](https://www.bankrate.com/home-equity/homeowner-equity-data-and-statistics/) due to home price increases. 
- The average [home buyer credit score](https://www.nvdaily.com/associated_press_national/average-homebuyer-credit-score-hits-the-highest-mark-in-years/article_7d9f9c9b-14c7-5127-8acc-b47e0ecf0b70.html) has reached 737, the highest number since Optimal Blue began tracking this data in 2018. 

## **Financial Market:**

- The [U.S. annual inflation rate](https://www.usinflationcalculator.com/inflation/historical-inflation-rates/) increased from 3.2% in February 2024 to 3.5% in March 2024, which matched economists' predictions. 
- [303,000 new jobs](https://www.cnbc.com/2024/01/05/heres-where-the-jobs-are-for-december-2023-in-one-chart.html) were added in March 2024, up from the previous months, marking a steady pace in hiring. [Unemployment](https://fred.stlouisfed.org/series/UNRATE) declined slightly to 3.8%, which is historically low, especially after the unemployment spike in 2020 at 14.8%. The sectors with the largest growth were hospitals, restaurants, local governments, warehouse retailers, and specialty trade contractors. 
- Real gross domestic product (GDP) increased at an [annual rate of 3.4%](https://www.bea.gov/data/gdp/gross-domestic-product) in the fourth quarter of 2023. The economy remains strong despite grim forecasts from economists last year. 

## **What This Means for You**

Current home buyers can navigate rates by leveraging our [Rate Relief program](https://www.churchillmortgage.com/rate-relief?__hstc=45788219.697199138c51b2d6d290291ca5ac20de.1712948363170.1712948363170.1712948363170.1&__hssc=45788219.1.1712948363171&__hsfp=1050646793). Future home buyers or those looking to refinance can sign up for our [Rate Watch program](https://www.churchillmortgage.com/rate-watch?__hstc=45788219.697199138c51b2d6d290291ca5ac20de.1712948363170.1712948363170.1712948363170.1&__hssc=45788219.1.1712948363171&__hsfp=1050646793) and get alerted if rates drop later this year.

Want to get in touch with a mortgage expert to find out if one of these options is right for you? [Click here](https://www.churchillmortgage.com/get-started?__hstc=45788219.697199138c51b2d6d290291ca5ac20de.1712948363170.1712948363170.1712948363170.1&__hssc=45788219.1.1712948363171&__hsfp=1050646793) to get started!

[View full post](https://www.churchillmortgage.com/articles/spring-market-update)

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