WRE News September 22, 2024
Buyer
Existing home sales were down 2.5% from July to August, reaching a seasonally adjusted annual rate of 3.86 million in August, according to new data from the National Association of Realtors (NAR). Year-over-year, sales fell by 4.2% from the 4.03 million sales in August 2023.
The total housing inventory at the end of August was 1.35 million units, up 0.7% from July and 22.7% from one year ago (1.1 million). Unsold inventory consisted of a 4.2-month supply at the current sales pace, up from 4.1 months in July and up from 3.3 months in August 2023.
The median existing-home price for all housing types was $416,700, up 3.1% from one year ago ($404,200). All-cash sales accounted for 26% of transactions in August, down from 27% in both July and one year ago.
First-time buyers were responsible for 26% of sales in August – matching the all-time low last seen in November 2021 – and down from 29% in both the previous month and one year earlier.
“Home sales were disappointing again in August, but the recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months,” said NAR Chief Economist Lawrence Yun. “The home-buying process, from the initial search to getting the house keys, typically takes several months.”
“The rise in inventory – and, more technically, the accompanying months’ supply – implies home buyers are in a much-improved position to find the right home and at more favorable prices,” Yun added. “However, in areas where supply remains limited, like many markets in the Northeast, sellers still appear to hold the upper hand.”
Stay up to date on the latest real estate trends.
Lifestyle
March 12, 2025
It is not uncommon to go on a vacation and wonder, “Why am I not living here?” While the U.S. only ranks 23rd on the World Happiness Report, there are pockets of happi… Read more
Seller
March 12, 2025
A new data report from Redfin (NASDAQ: RDFN) has reached the conclusion that the wealthiest 1% of Americans have the financial capacity to buy 99% of the nation’s home… Read more
Seller
March 12, 2025
Over the past 5 years, home prices have risen dramatically.
Seller
March 11, 2025
Buyer
March 11, 2025
Seller
March 9, 2025
When you bought your second home you likely had a vision for it.
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today