June 2024 Market Highlights
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Year over year, the median single-family-home sales price and median condo/co-op sales price were up 4.1% and 2.6% respectively: Both hit new highs.
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The supply of listings for sale rose 23.4% year-over-year to the highest monthly count in almost 4 years (though only slightly higher than in summer 2021 & 2022).
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The number of sales declined 7.4% from May and 13.4% from June 2023, while price reductions in the 2nd quarter jumped 52% year-over-year.
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Approximately 65% of sales went into contract in less than 1 month (vs. 76% in June 2023), 29% sold over list price (vs. 33% last June), and 28% were purchased all-cash (vs. 26%). Median days on market to acceptance of offer was 22 days (vs. 18 days last June), and sold listings received an average of 2.9 offers (vs. 3.5). 20% of buyers waived the inspection contingency (vs. 25%), 24% waived the appraisal contingency (vs. 25%), and 5% of Q2 contracts were terminated (no change).
As of mid-July, 30-year, conforming-loan interest rates were the lowest since March, and June’s inflation reading declined again, rekindling hopes the Fed will soon begin to reduce its benchmark rate. Finding comprehensive homeowners insurance coverage at an affordable cost has become deeply challenging in many regions.
“We’re seeing a slow shift from a seller’s market to a buyer’s market,” said NAR Chief Economist Lawrence Yun on national dynamics. “Homes are sitting on the market a bit longer, and sellers are receiving fewer offers [with more contingencies, and] inventory is definitively rising.”
Data and estimates from the National Association of Realtors® are under copyright and used with permission. A national report is a huge generalization of values, conditions and trends across thousands of different markets. Data from sources deemed reliable but may contain errors and subject to revision. Last period figures sometimes labeled preliminary, and all numbers are approximate.
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