Monthly Market Update | June 2024

This blog post is based on the video above. Here are the key takeaways:

Mortgage Rates

• As of June 13, 2024, the 30-year fixed mortgage rate is around 6.97%, which is lower than the peak of 8% seen in the last 12 months. However, it is still significantly higher than the historical average.

National Real Estate Market

• May showed that inventory is slowly increasing but is still below pre-pandemic levels. This limited supply, coupled with high buyer demand, is putting upward pressure on home prices.

Local Real Estate Market (May 2024 data)

• The number of new listings is outpacing last year but is still lower than pre-pandemic levels.

• Total listings are up year-over-year but not yet at pre-pandemic levels.

• Pending listings are up from last year but have dipped slightly compared to 2019.

• The number of sold listings is higher than last year but is still lower than pre-pandemic levels.

• The average sales price is up significantly from last year due to low inventory and high demand. There has not been a month this year where home prices have decreased compared to the same month last year.

• Sellers are coming down slightly off their asking prices, but homes are still selling close to list price.

Conclusion

• The housing market is still in a seller's market, with low inventory and high demand driving up prices.

• Mortgage rates are volatile and are expected to remain so due to inflation and the upcoming presidential election.

• The number of new listings is slowly increasing, but a significant increase is needed to slow down home price appreciation.

• There is no clear answer on whether the market will experience a crash or a slow correction.

If you are considering buying or selling a home, reach out to me for a free consultation.

I hope this blog post is helpful! Please note that the information in this video is specific to the Tri-Cities real estate market in June 2024. The market conditions may vary depending on your location.