The Housing Market
Understanding the housing market is a crucial asset for both buyers and sellers navigating the real estate landscape. Informed decision-making hinges on comprehending the current trends, pricing dynamics, and supply-demand balance within the market.
For prospective buyers, staying well-versed in the housing market enables strategic purchasing decisions that align with budget and investment goals.
For sellers, an understanding of market conditions facilitates accurate pricing strategies, optimizing the chances of a successful and timely sale.
The housing market's complex interplay of factors requires a thoughtful and nuanced approach. and by accessing comprehensive data and insights, you can confidently navigate the real estate journey, making informed choices that align with your objectives.
July 2024 Snapshot
The national housing market serves as the overarching backdrop that influences local and state real estate landscapes. Trends in the broader national market, such as interest rates, economic conditions, and lending policies, ripple down to impact local and state markets.
Understanding these connections is essential for grasping the potential shifts in supply, demand, and pricing dynamics at the local level. By keeping an eye on national trends, you can gain valuable insights that aid in making well-informed decisions in the local and state real estate markets.
The following information for the National Housing Market is based on information released by the "National Association of Realtors (NAR) and will be updated on a monthly basis as it becomes available.
The National Housing Market:
July 2024
+4.2%
Latest News
July 2024 brought 3.95 million in sales, a median sales price of $422,600, and 4.0 months of inventory. The median sales price is up 4.2% year-over-year, and inventory was up 0.7 months from July 2023.
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First-time buyers were responsible for 29% of sales in July, identical to June but down from 30% in July 2023.
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All-cash sales accounted for 27% of transactions in July, down from 28% in June but up from 26% one year ago.
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Individual investors or second-home buyers, who make up many cash sales, purchased 13% of homes in July, down from 16% in both June 2024 and July 2023.
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Distressed sales – foreclosures and short sales – represented 1% of sales in July, virtually unchanged from last month and the prior year.
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.49% as of August 15. That's up from 6.47% one week ago but down from 7.09% one year ago.
Mortgage Rates
The REALTORS® Confidence Index (RCI) survey gathers on-the-ground information from REALTORS® based on their real estate transactions in the month. This report presents key results about market transactions:
EXISTING HOME SALES
Existing-home sales grew 1.3% in July to a seasonally adjusted annual rate of 3.95 million, stopping a four-month sales decline that began in March.
However, sales slipped 2.5% from one year ago.
MEDIAN PRICE
The median existing-home sales price elevated 4.2% from July 2023 to $422,600, the 13th consecutive month of year-over-year price gains.
INVENTORY
The inventory of unsold existing homes edged higher by 0.8% from the prior month to 1.33 million at the end of July, or the equivalent of 4.0 months' supply at the current monthly sales pace.
DAYS ON MARKET
According to the monthly REALTORS® Confidence Index, properties typically remained on the market for 24 days in July, up from 22 days in June and 20 days in July 2023.