The TRUTH about the Housing Market in your Local Area

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The Turbulence of the Housing Market. I think we all can agree the housing market remains on a rollercoaster with its twists and turns. Now that we are in the second half of 2024, what are experts saying about the overall housing market? Hi, I am Tricia Garcia with eXp Realty and Real Estate Toolbox.
Let’s take a look at what’s going on around the country in housing. According to the National Association of Realtors, home prices continue to rise due to inventory being lower than usual. As of May of this year, the median U.S. home sale price is $407,600 up 5% from this time last year. We continue to see inventory remain low with 3.5 months of inventory on the market meaning it is relatively still a seller’s market. Nationally we are seeing properties typically remain on the market for an average of 26 days. First time buyers have been out shopping and are responsible for 33% of sales. We are also seeing more cash buyers, most likely due to the higher mortgage rates, representing 28% of all transactions during the Spring. Buyers looking for second homes or investments fell slightly and distressed sales or foreclosures, only represented 2% of sales. This means most homeowners have built up equity in their home and are not in a distressed position to sell. Regionally, in the Northeast sales are down 3% year over year. Out West, sales continue to rise slightly up 1.3% from last year with a spike in the median home price up 9.3% from May 2023. Let’s move down to the South, where existing home sales are down 3.1% from the prior year. The median price in the South however was up 3.7% year over year. And finally what is going on overall in the MidWest. This region saw the smallest decline with only a 1% dip in sales year over year and a nice bump in home prices up 6% from last year. Of course these are all blanket national numbers and local specific areas may differ. It is always best to talk with an experienced local area expert who knows current pricing, days on market, and inventory levels specific to the area you are planning to sell or buy in. If you would like more information on the current inventory and prices in your area, please reach out to my team and I so we can help strategize your next move and make home buying a reality for you. I’m Tricia Garcia, my partner’s Steve Hise, We’re always here to help.
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