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Changing Conditions Could Bring Buyers Off the Sidelines

Aug 14, 20241 min read

Is a buyer’s market coming?

Market Perspective: Fast Facts About the Housing Market. Changing Conditions could bring buyers off the sidelines. Long-awaited inventory and rate changes are finally here. Inventory is up: 884, 273 active listings in July. It's the highest number of active listings since May 2020. Mortgage rates declined to their lowest level in over a year, averaging 6.47% in the week ending August 8.
Lower rates are boosting affordability. Homebuyers have gained nearly $30,000 in purchasing power since July. Prices may also be moderating. In July, 18.9% of listings had a price cut. September's expected rate cut by the Federal Reserve could further improve affordability for homebuyers.

Sources:
  1. Realtor.com, Housing Market Trends Report, July 2024.
  2. Federal Reserve Economic Data (FRED), Realtor.com, Housing Inventory: Active Listing Count in United States, July 2024.
  3. Freddie Mac, Primary Mortgage Market Survey, week ending August 8, 2024.
  4. Redfin, “Typical Homebuyer’s Monthly Payment Drops to Lowest Level in 4 Months,” July 25, 2024.
  5. Redfin, “Homebuyers Have Gained Nearly $30,000 in Purchasing Power Over the Last Month Thanks to Mortgage-Rate Drop,” August 5, 2024.
  6. National Association of Realtors®, Existing-Home Sales, June 2024.
  7. Fannie Mae, Economic Developments, July 2024.
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