THE REAL ESTATE MARKET TRENDS IN REAL TIME!
July 8, 2024
This Week from Mike Simonson, Altos Research.
More Price Cuts As Inventory Continues To Grow
Happy Monday, and welcome to Barsam & Associates.
If you're new to Barsam, this is our weekly real estate market update from Altos, where we share the latest market stats and recent podcast episodes, as well as other news.
Nationally, the housing market indicators have been slow for several months now. There have been a few markets though that have defied the national trends where inventory has stayed tighter and demand keeps rolling in. Available inventory of unsold homes in the US is 40% more now than last year, but some markets are just now starting to lift beyond the pandemic lows.
It was the second half of the year last year when rates started rising. After June of 2023, mortgage rates climbed from the 6s into the 7s on the way to 8% by October. So mortgage rates are higher than they were six months ago, higher than last year, higher than two years ago. Consumers can’t help but feel it. We continue to see slow sales as a result... and more price reductions.
KEEPING OUR CLIENTS INFORMED
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We work hard to keep our clients informed about the market while they’re buying or selling their home. These weekly reports use real-time data so our clients can make decisions based on what’s happening in the market right now and how the market is changing week by week.
A few questions these reports can help you answer:
Is now a good time to buy or sell?
Check the “Market Action Index” to see if the market is heating up or cooling down.
How’s the market in my price range?
Click into the “Market Segments” charts to see the how the market is behaving in different price ranges.
What can I get in my price range, and where should I look?
Use the “Median List Price” charts to see what you can buy in your price range, and search by zip code to compare different neighborhoods.
Feel free to share this report with your friends and family, and please let us know if you have any questions about the market or if we can help you in any way.
For all of your real estate needs, we can be reached at 877-522-7726 or by email: Team@barsaminc.com