Amid increased home sales and slightly lower prices, the U.S. housing market expanded the options available to buyers in July.
The summer housing market heated up a bit in July, although some key factors – like home prices – are starting to cool off.
According to the latest RE/MAX National Housing Report, July 2024 home sales were up 3.8% from June across 51 U.S. metro areas surveyed. Meanwhile, the median sales price in July was $425,000, which was $5,000 lower than the month prior.
The report also reflected an uptick in housing inventory across the board. July inventory was up 1.8% from a month earlier, and up a whopping 36.7% from a year ago. This happened despite a 9.4% decline in new listings from June. Wondering what the difference is? Inventory entails all homes available, even if they’ve stayed on the market into the next month. New listings, however, are simply the latest homes hitting the market.
What does this mean for homebuyers heading into fall?
“July’s real estate activity is a promising sign of market resilience,” said Amy Lessinger, President of RE/MAX. “Inventory bounced back after the historic lows of recent years, giving buyers far more options – even with the recent declines in new listings.”
Following the bidding wars of recent years, some buyers may find relief in the prospect of having more options available. After all, it can mean a greater chance of finding a home that meets their needs – whether that be a cozy space to downsize to, or a place that can house plenty of people under one roof. Multi-generational living is a cultural staple for some, and a growing trend that many homebuyers are accommodating in their property search process this year.
Another noteworthy stat from the RE/MAX report: Homes are spending more time on the market. In July, properties spent two more days for sale compared to June and five more days from July 2023. This could indicate that buyers have a bit more time to make their important decision when finding a new house to call home.
For those with kids, finding that new home means finding a place to grow – and thrive. Those purchasing a home toward the end of summer may be considering the ways their dwelling can best suit the needs of busy kids heading back to school. Check out tips for creating an A+ study space that inspires creativity and aids in productivity.
Ultimately, regardless of market conditions or time of year, it’s wise for homebuyers and sellers to work with a qualified real estate professional – one with local expertise.
“As the industry prepares to adapt to several new changes in business practices, homebuyers and sellers should look for a trusted advisor with the skills, knowledge and experience to guide them,” Lessinger said.
Ready to make moves this fall? Get in touch with a RE/MAX agent today.
Article originally appeared on RE/MAX.com.
