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Who’s In the Lead?

In the competitive world of real estate search sites, credibility, trust, and web traffic are key factors. While Realtor.com and Homes.com have focused on building credibility and trust, Zillow continues to dominate the market.

According to data from analytics firm Comscore, Zillow maintained its position as the top real estate search site in terms of unique visitors and total visits throughout 2023.

Realtor.com and Homes.com are making strides in building their own credibility and trust among users.

Takeaway: What does your profile look like on these sites?

Homebuilders Finish 2023 Off Strong

According to data published by the U.S. Census Bureau and the Department of Housing and Urban Development (HUD), new home sales reached a seasonally adjusted annual rate of 664,000, exceeding consensus expectations of 649,000.

This strong finish to 2023 represents an 8% increase from the revised November rate of 615,000 and a 4.4% increase from the December 2022 estimate of 636,000.

Builder confidence improved, with a reading of 44 in January. These factors combined to create a favorable environment for homebuyers, leading to a surprising increase in sales.

According to Alicia Huey, chairman of the National Association of Home Builders (NAHB), there is an expectation that sales will continue to rise in 2024.

While moderating interest rates are a promising sign for new home sales in the year ahead, long-term issues such as a shortage of buildable lots, a lack of skilled labor, and excessive regulations will continue to pose challenges for builders. Despite these challenges, the overall outlook for the housing market remains positive.

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Why Some People Shouldn’t Flip

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TL;DR (Too Long; Didn’t Read)

Zillow maintained its dominance in the competitive real estate search market throughout 2023, with the highest unique visitors and total visits. New home sales finished 2023 strong, exceeding expectations with an 8% increase from November and a 4.4% increase from December 2022. Builder confidence improved, and there's optimism for continued sales growth in 2024, despite challenges like a shortage of buildable lots, a lack of skilled labor, and excessive regulations. Don’t flip houses if you think it’s acceptable to leave the washer and dryer in the kitchen.

Have a great weekend - we’ll see you next Saturday.

Cheers 🍻

-Market Minds Team