Last month, the median home prices in the U.S. experienced a seasonal decline, dropping from $445,000 in June to $439,950. This decrease can be attributed to a slower summer housing market, with both buyers and sellers seeking economic breaks. As mortgage rates hit their lowest point since March, many homebuyers are waiting for further rate reductions. This hesitancy has led to a decrease in home sales, resulting in a 18.9% increase in price cuts on listings. This is positive news for buyers, as it indicates a potential return to more reasonable home prices. Also, the increase in total homes for sale, up by 36.6% from the previous year, suggests a healing housing market. All regions of the U.S. experienced growth in active home listings, with the South leading at 47.6%. The surge in inventory can be attributed to the decrease in mortgage rates, which also contributed to a 3.6% increase in newly listed homes. Despite the decline in median list prices, the median price per square foot continues to rise, indicating a growth in the inventory of smaller and more affordable homes. However, homes are spending more time on the market, with the typical home lingering for 50 days in July.
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Shirin Rezania Ramos | 858.345.0685 | www.shirinramos.com | Compass, DRE 0203379
