Monday Market Update: How Staying Updated Boosts Your Real Estate Strategy

Why Staying Updated on Real Estate Trends Matters

Today, we want to step back and take a look at the bigger picture with national numbers and insights.?

Navigating the real estate market can be complex, but staying informed with the latest trends and data is your best tool for success. At Rise Group I COMPASS , we're committed to providing timely and accurate insights to help you make confident and strategic real estate choices. Each Monday, we aim to simplify the market's complexities and empower you with the knowledge you need.

Are Home Prices Continuing to Hit New Highs??

Year over year, the median sales price for single-family homes increased by 5.7%, and the median sales price for condos/co-ops rose by 5.1%, both hitting new all-time highs. Typically, median home sales prices peak in June, reflecting offers accepted in May. This trend suggests a robust market where demand continues to drive prices upward.?

Is the Inventory Increasing for Buyers??

The number of new listings remained unchanged from April but saw a 6% increase compared to last year. The supply of active listings climbed significantly, jumping 18.5% year-over-year, reaching the highest monthly count in almost two years. This increase in inventory means that buyers now have more options to choose from in many markets, potentially easing some of the competition.?

What's Happening with Sales and Price Reductions??

Sales rose 12% from April but declined by 1% from May 2023. Interestingly, the number of price reductions soared by 52% year-over-year, which is unusual for the spring selling season. This trend indicates that while more listings are becoming available, some sellers adjust their expectations to meet market conditions.

How Are Buyers Behaving in This Market??

Approximately 67% of sales went into contract in less than a month, with 30% selling over the list price and 28% purchased all-cash. First-time homebuyers accounted for 31% of purchases, 5% were vacation home buyers, and 8% of buyers made offers based solely on online listings. Distressed-property sales remained low at 2%. The median days on the market to accept an offer fell slightly to 24 days and sold listings received an average of 2.8 offers, down from 3.2 in April. Over the past three months, 5% of contracts were terminated before closing.

What Are the Key Economic Indicators Telling Us??

As of June 20th, 30-year conforming-loan interest rates dropped below 7% again, and core inflation declined to its lowest point in three years. The stock markets also continued their ascent to dramatic new highs. However, consumer confidence has fallen in the last two months, which could impact future market dynamics.

Would you be ready to move?

Staying updated on real estate trends is essential for navigating the current market successfully. Rise Group I COMPASS is committed to providing valuable insights to help our clients make informed decisions. For the latest market data and trends, continue to follow our blog updates, and feel free to reach out with any questions or for personalized advice here: Schedule a phone call today !

Market data from the National Association of Realtors? is used with permission. This report generalizes values, conditions, and trends across various markets. Data is sourced from reliable entities but may contain errors and is subject to revision. Preliminary figures and all numbers should be considered approximate. June sales data will be available in the third week of July.