Get the latest insights that have happened in July 2024 market changes.
Want to know what’s going on in the real estate market for July 2024? It has been very different from last year. The real estate landscape has shifted significantly and here are some key statistics to highlight these changes:
Active Homes on the Market: This represents a 44.5% increase in active homes available.
- July 2024: 20,499 homes
- July 2023: 14,179 homes
Homes Pending: This is a 4.6% decrease in homes under contract.
- July 2024: 7,476 homes
- July 2023: 7,835 homes
Homes Sold: This marks a 1.4% decrease in sold homes.
- July 2024: 5,325 homes
- July 2023: 5,400 homes
Month Supply of Inventory: This is a 13.8% increase in the monthly supply of inventory.
- July 2024: 3.3 months
- July 2023: 2.9 months
What do these numbers mean for the market? We have more homes for sale, fewer homes pending, and slightly fewer homes being sold, leading to an increased supply of inventory. Additionally, we are seeing higher unemployment numbers and increasing talks of a recession, highlighted by Intel’s recent layoff of 15% of its workforce following a 20% drop in its stock price. Interest rates are currently lower, ranging from 6% to 6.4% for conventional loans and just over 6% on the national average. This presents a great opportunity for buyers to step in and take advantage of lower rates and increased inventory, while sellers can cash in on their equity and move into their desired home for the next 5 to 10 years.
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