Introduction

Entering the middle of the year 2024 it becomes critical to evaluate the current state of the United States real estate market. This source is useful for gaining the current figures as well as important tendencies on the home sales, their stock and the prices.

Declining Home Sales

The earlier signs of growth in sales apparent in the earlier part of this year have faded off. Sales of new homes’ contracts remain to be less than the previous year although they go up by 4. 9 percent reduction in new contracts signed in the last one week. Similar to the first-time buyers, new listings that are defined as homes that entered contract within one week of being listed are also significantly down from last year.

Supply Side Dynamics

It is clear that it is slightly up from one year ago, however there is a clear sign of new listings contraction. Currently, “coming soon” pre-listing announced home sales are trailing at 5 percent below where they were in the same period of last year, which points toward a slowdown in the second half of the year. This trend can only mean that there will be fewer buyers and vey likely fewer sellers in the future.

Inventory Levels

That is 677,000 single-family homes, 180,000 of condos and townhomes that were still on the market unsold by the end of July in 2024. This represents a 1. 3% above the previous weekly pattern which shows a stability in the variant’s spread. COGS, received from Inventory is generally elevated in late July, highest around October and then drops around the holiday season. It is foreseen that 2028 annual pinnacle stock is 700 000 single-family homes, which may be 20% more than the ending of 2023. Today, it is possible to identify 40% more homes offered on the market compared to the same months of the previous year.

Regional Trends

Unsold inventory is on the rise across the country with several states holding significantly more unsold homes currently than before the Covid outbreak and even the year 2019. For instance, new listings of single households in Texas were 8,300 this week, which is similar to the data obtained in the last week of July of the earlier years. Earlier in the year, new listings in Texas were about 10% more weekly than in recent years and have now stagnated. The same can be ascertained with regards to Florida, and Arizona.

New Listings and Immediate Sales

Locally, it was reported that there were 68,000 new listings on single-family homes for the week; another 14,000 new listings went into contract as soon as they came on the market. For the immediate months they are very low and much below than the sales recorded in the last few years due to poor overall demand. This last week contained 4% more sellers than the same week last year, 10-20% more sellers per week were contained earlier this year.

Price Trends

It stays at $450,000 for the median price of homes for sale, and this is the same as is was one week ago and one year ago. Due to the credit crunch that has prevailed for the last two years, home prices have remained constant across the nation. The time to break even (t =2) shows a relatively acceptable ability in the newest listings area of housing market in adapting the price level to the current situation — the median price we found is $419,000. Sellers are also slow to accept the fact that the prices of homes they are trying to sell are not moving as much as they expected, this shows that home prices have downside stickiness.

Price Cuts

About 33% of listed homes have been reduced in their price from the initial asking price. This is a very small figure, which indicates that there is a poor consumers’ interest in the product. However, the examination could be made that the trend of price cuts is slowing, and it increased only 30 basis points from the previous week. On the other hand, the pace of price decrease by increased by 150 bps weekly during the same period in 2022.

Looking Ahead

The real estate market of the United States has proved to be a difficult year for it posted lower home sales, higher inventory, and home prices which are static yet sticky. It is the second half of 2024 and it will reveal whether such tendencies will persist or are going to be reversed. Variables including the interest rates in mortgages and even the overall market conditions should also be expected to influence the outcome of the market.

Conclusion

Ensure that you have up to date information regarding the market trends and other related data to make proper decisions. As advanced details and professional advice, you are welcome to visit the website and to get a free consultation from our team. Market forces should be understood to anyone who wants either to buy or sell a property, or become a real estate agent.

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This blog is a useful source of information on the current status of the US real estate market, as the author has reviewed the most important statistics. Watch this space for further information and further elaboration on other market trends in the future.