As we navigate through the second half of 2024, it’s clear that the housing market continues to ride a roller coaster of twists and turns. What are the experts saying about the overall housing market?
Rising Home Prices and Low Inventory
According to the National Association of Realtors,
“home prices are on the rise due to lower-than-usual inventory levels. As of May this year, the median U.S. home sale price reached $47,500, marking a 5% increase from the same period last year. The current market is still favoring sellers, with about 3.5 months of inventory available.”
Homes are typically staying on the market for an average of 26 days. First-time buyers are actively shopping, accounting for 33% of sales. Additionally, more buyers are paying in cash, likely a response to higher mortgage rates, representing 28% of all transactions during the spring.
Regional Insights
- Northwest: Sales have declined by 3% year-over-year.
- West: Sales have risen slightly by 1.3% from last year, with a significant spike in the median home price, up 99.33% from May 2023.
- South: Existing home sales are down by 3.1% from the previous year, although the median price has increased by 3.7% year-over-year.
- Midwest: This region experienced the smallest decline, with only a 1% dip in sales year-over-year, and home prices saw a 6% increase from last year.
The Market’s Complexity
These national trends provide a broad overview, but local markets can vary significantly. It’s crucial to consult with an experienced local real estate professional who understands the specific pricing, days on market, and inventory levels in your area.