Buyers, what is the latest news on the housing market that could impact your home search? Let’s look at what recent data is showing!!
As of today, the median U.S. sale price is up 5% per year but we are seeing signs that price growth could slow down for the remainder of the year.
Hi, I am Terry Tucker with eXp Realty and I’ve been selling homes here in the San Ramon Valley and beyond for the past 26 years.
This year we have seen the U.S. median home price hit an all time high of $397,482 nationwide despite elevated mortgage rates. This is partly because inventory nationally still remains relatively low causing prices to bump up and sales to slow down. However, recent data is showing signs that prices may take a little bit of a hit as we move into the remainder of the year and Fall season. Why is this? Nationally, we are seeing homes sit on the market longer than they usually do this time of year, indicating there may be more price adjustments required to move inventory. This could be good news for buyers who have been struggling with affordability and can now negotiate better terms in their favor including price. So, as we navigate through this latest market shift it is important to understand as a buyer you may still face challenges, but some of the biggest hurdles are getting better as time goes on. If you have been putting your dream ownership on hold and are waiting for prices to ease up, now may be the chance to jump back into the market. Don’t run the risk of waiting too long, as more buyers will enter the market as interest rates come down and competition will grow again.
If you would like more information on inventory in your area, pricing and strategy, please reach out to me today. Working with experienced knowledgeable agents who can help you navigate the market conditions effectively, will benefit you down the road with your long term investment.
I’m Terry Tucker with eXp Realty and I am a seasoned East Bay expert with 5-star ratings and I am ready to help you get started TODAY!
Putting People Before Profits.
