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Greetings, fellow real estate professionals! Tim and Julie Harris here, ready to guide you through the dynamic and ever-changing landscape of the 2024 real estate market. Today is DAY 2 of Meltdown vs. Boom: How Will the 2024 Real Estate Market End?
7. Inventory Trends
- Fact: National inventory is up 37% year-over-year but still about 30% below pre-pandemic levels due to slightly stronger new listings and a slower sales pace.
- Prediction: Rising inventory levels may provide more options for buyers and potentially soften prices if demand doesn’t keep up.
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8. Average Offers Per Sale
- Fact: The average home sold in June 2024 received 2.9 offers, up from 2.8 in May 2024 but down from 3.5 in June 2023.
- Prediction: Fewer offers per home suggest reduced buyer competition, leading to longer market times and more negotiating power for buyers.
9. Days on Market (DOM)
- Fact: The typical home sold in June 2024 was on the market for 22 days, down from 24 days in May 2024 but up from 18 days in June 2023.
- Prediction: An increase in DOM could signal a cooling market, prompting sellers to be more flexible with pricing and concessions.
10. Mortgage Market Expectations
- Fact: Market expectations indicate potential rate cuts beginning in September, with some optimism for a July cut. Current odds for upcoming FOMC meetings show increasing probabilities for rate cuts.
- Prediction: If rate cuts occur, mortgage rates may decrease, potentially boosting home affordability and spurring buyer activity.
11. Affordability and Down Payment Assistance
- Fact: The number of down payment assistance programs has reached an all-time high, with more organizations offering these programs and increasing the use of federal funds.
- Prediction: Enhanced affordability through more down payment assistance programs could boost homebuyer participation, particularly among first-time buyers.
Conclusion
As the real estate market continues to evolve in 2024, staying informed about these trends and predictions will help you navigate the complexities ahead. Whether you’re a buyer, seller, or agent, understanding these dynamics can position you for success in this ever-changing landscape.
