Mortgage interest rates are at their lowest in well over a year, with many economists predicting further declines in 2024.
The U.S. median house sales price in July $428,500, declined slightly from the previous month's peak: Median sales prices often peak for the year in June.
Median house sales price appreciation since 1990: An illustration of how home ownership so often builds household wealth over time.
Q2 median house sales prices and year-over-year appreciation rates for selected metro areas: 89% of U.S. metros saw y-o-y price gains. Boosted by its "AI boom," the San Jose metro became the first to see a quarterly median price over $2 million.
The median condo/co-op sales price in July, $367,500, also dropped slightly from its peak in June. Condos and co-ops are most common in urban markets.
This longer-term chart using 12-month-rolling data illustrates the dramatic changes in new listing activity in recent years: The huge plunge after interest rates soared - mostly due to the "mortgage lock-in effect" - and the beginning of a recovery.
The number of resale homes on the market has been climbing, a critical shift in supply and demand dynamics, and good news for buyers if it continues.
The number of new-construction single-family homes for sale is at its highest in 16 years, but these are highly concentrated in a limited number of markets.
Due to factors such as limited inventory and interest rates, the number of existing-home sales continues to run low by long-term standards. This chart also illustrates the terrific impact of seasonality on market activity.
No economic indicator has been more obsessively watched - or had greater impact on interest rates and household finances - than inflation. Its recent decline below 3% has led many to predict the Fed will finally drop its benchmark rate in September.
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