Median Sales Price
In July 2024, the real estate market saw mixed movements in median sales prices across different property categories. For single-family homes and resale homes, there was a noticeable decline from the previous month. The median sales price for single-family homes dropped by nearly $25,000, indicating a cooling in the market or perhaps a shift in buyer preferences toward more affordable properties. The dip was even more pronounced for resale homes, where the median price shrank by over $59,000, possibly reflecting an oversupply of resale properties or increased competition among sellers.
In contrast, new build homes experienced a positive trend. The median sales price for these properties rose by nearly $25,000. This increase suggests that new construction is becoming more appealing, either due to modern amenities, customization options, or the overall desirability of brand-new homes, which could be attracting higher bids from buyers.
Homes Sold
The number of homes sold in July 2024 marked a robust performance across the board. Closed sales activity increased significantly, particularly in the resale market, which saw a boost of nearly 70 sales compared to June 2024. This surge in sales brought the total to the highest number of single-family home sales in a single month since June 2022. This uptick could be attributed to seasonal factors, favorable mortgage rates, or a temporary influx of buyers looking to close deals during the summer months.
Pending Sales
July 2024 also witnessed a substantial increase in pending sales, particularly for single-family homes. Compared to July 2023, there were nearly 200 more pending sales, a sign of strong buyer demand. A significant portion of this demand was met by new construction homes, indicating that buyers are increasingly gravitating toward newer properties, possibly due to their modern designs and energy-efficient features.
Despite the heightened demand, the market's inventory remained resilient. The increased activity did not deplete the available homes, ensuring that buyers continued to have a range of options to choose from, which is essential for maintaining a balanced market.
Inventory
Inventory levels for single-family homes have been on a steady rise for the past six months, culminating in July 2024 with the highest inventory recorded in 20 months. This increase in inventory is a welcome development for buyers, as it provides more choices and reduces the competitive pressure that can drive up prices. The growing inventory could be a result of more homeowners deciding to sell, new construction projects reaching completion, or a combination of both.
Days on Market
One of the most notable shifts in the market dynamics is the difference in days on market between resale homes and new construction. Back in January 2024, both resale and new builds were selling at similar speeds, but as of July 2024, new builds are staying on the market nearly twice as long as resale homes. This change could be due to several factors, such as buyers finding better value in existing homes, the higher price points of new builds, or perhaps even market saturation with too many new properties coming onto the market at once.
Overall, the July 2024 real estate market displayed a combination of cooling prices for existing homes, rising demand for new construction, and a healthy increase in inventory, providing a balanced environment for both buyers and sellers. The market remains dynamic, with shifts in buyer preferences and inventory levels influencing sales and pricing trends.
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