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February 2024 » thefivestar.com 67 February 2024 J O U R N A L over year, but not as much. Net new listing and contract volume are trending at mul- tiyear seasonal lows. Total inventory is up 12.1% from the same period in 2022, and up 24.5% from 2021. Inventory remains very low from a historical perspective. Contract Volume and Net New Listing Volume by Price Tier Contract volume in December 2023 is up across all price tiers compared to December 2022. » Net new listing volume in December 2023 is down for the two lower price tiers and up for the three price tiers above $400,000 compared to Decem- ber 2022. » The total volume of listings going into contract over the last 52 weeks is down across all price bins compared to the year prior. » The total volume of net new listings over the last 52 weeks is down across all price bins compared to the year prior. Single-Family Price Activity The median price of all single-family listings in the United States was $424,729, and the median closed price was $394,223. On a year-over-year basis, the median price of all single-family listings is up 3.1%, and the median price of closed listings is up 5.6%. Month over month, the median price of single-family listings is down 1.2%, and the median price of closed listings is down 0.5%. The median price-per-sqft of all listed single-family homes in the United States sits at $222.30, and the median closed price-per-sqft was $220.80. On a year-over-year basis, the median price- per-sqft of all listed single-family homes is up 2.7%, and the median price-per-sqft of closed listings is up 6.6%. Month over month, the median price-per-sqft of all listed single-family homes is down 1.3%, and the median price-per-sqft of closed listings is down 1.0%. The sale-to-list-price ratio stands at 97.9%, which is well above the lowest value observed in January 2023. Price cuts are down 6.4% compared to the same time last year. The median price of all single-family rental listings in the United States was $2,531. On a year-over-year basis, the medi- an price of all single-family rental listings is up 3.1%. Month over month, the median price of single-family rental listings is down 0.3%. Total single-family rental inventory is up 31.3% from the same period in 2022 and up 141.1% from 2021. FORECAST: COMMERCIAL AND MULTIFAMILY MORTGAGE MARKETS TO STABILIZE IN 2024 A ccording to the Mortgage Bankers Association's (MBA) Commercial Real Estate Fi- nance (CREF) Outlook Survey for 2024, commercial and multifamily mortgage originators will continue to experience an unsettled market for borrowing and lending but anticipate those conditions will stabilize over the year. "Commercial real estate markets are entering 2024 amid a great deal of uncertainty and, as a result, a significant slowdown in activity," said Jamie Wood- well, MBA's Head of Commercial Real Estate Research. "Leaders of top com- mercial real estate finance firms believe that a host of factors may continue to act as a drag—rather than a boost—to the markets. However, they do believe that overall uncertainty will dissipate over the year, helping to boost borrowing and lending above 2023 levels." Highlights of MBA's 2024 CREF Out- look Survey include: » More than 90% of respondents consid- er today's market either somewhat or very unsettled. » Among property types, the office market is viewed as most negatively af- fecting today's borrowing and lending. Meanwhile, half of the respondents view the industrial outlook as having positive impacts. "Commercial real estate markets are entering 2024 amid a great deal of uncertainty and, as a result, a significant slowdown in activity." —Jamie Woodwell, MBA's Head of Commercial Real Estate Research