July National Housing Market Update: What You Need to Know! 🌞🏡

July 17, 2024

Summer is heating up, so what's going on with the housing market? Let's dive into the latest national housing stats and see what’s happening with affordability, inventory, new construction, mortgage rates, and buyer demand.

According to Redfin, U.S. home prices are continuing to rise. Nationally, home prices grew by 0.5% last month, marking six consecutive months of increases. We’re seeing multiple offers in select markets with high buyer demand. Despite an increase in inventory in recent month, Overall market inventory is still tight, in fact we are still 20% below pre-pandemic levels, which is why pricing your home competitively is crucial for sellers. Properties are staying on the market longer in some cases, though. This often means sellers initially priced their homes too high and had to adjust. Homes priced just shy of market value tend to receive multiple offers in under seven days, while those priced above market value can sit for 30-45 days, or longer. New construction remains strong, nearly double the pre-pandemic rate. This is good news for buyers, as it provides more options in the market. Mortgage rates continue to be a wild card. They’ve declined since the beginning of the year, which has helped with buyer demand by easing some affordability concerns. Of course, rates fluctuate daily, so staying informed is key. Just like interest rates, the real estate market as whole is always changing. If you need more information on the housing market in our area, give us a call. I'm Amber Johnson from Pillar Real Estate, and I'm here to make your real estate journey smooth and successful.