I think we can all agree the housing market remains on a rollercoaster with its twists and turns. Now that we are in the second half of 2024, what are experts saying about the overall housing market?
Hi, I’m Tanja Odzak, eXp Realty, I help people sell and buy homes right here in the East Bay!
Let’s take a look at what’s going on around the country in housing. According to the National Association of Realtors, home prices continue to rise due to inventory being lower than usual. As of May of this year, the median U.S. home sale price is $407,600 up 5% from this time last year. We continue to see inventory remain low with 3.5 months of inventory on the market meaning it is relatively still a seller’s market.
Nationally we are seeing properties typically remain on the market for an average of 26 days.
First time buyers have been out shopping and are responsible for 33% of sales. We are also seeing more cash buyers, most likely due to the higher mortgage rates, representing 28% of all transactions during the Spring. Buyers looking for second homes or investments fell slightly and distressed sales or foreclosures, only represented 2% of sales. This means most homeowners have built up equity in their home and are not in a distressed position to sell.
Regionally, in the Northeast sales are down 3% year over year. Out West, sales continue to rise slightly up 1.3% from last year with a spike in the median home price up 9.3% from May 2023. Let’s move down to the South, where existing home sales are down 3.1% from the prior year. The median price in the South however was up 3.7% year over year. And finally what is going on overall in the MidWest. This region saw the smallest decline with only a 1% dip in sales year over year and a nice bump in home prices up 6% from last year.
Of course these are all blanket national numbers and local specific areas may differ. If you’re looking outside of the area, I’d be happy to connect you with a great agent there as its always best to talk with an experienced local area expert who knows current pricing, days on market, and inventory levels specific to the area that you are planning to sell or buy in.
And if you would like more information on the East Bay, Call me today and let’s talk about it. I’m a seasoned East Bay expert with a 5-Star rating. I’ll help you navigate the market and make it happen, whether that’s selling or buying or both!
And if you or someone you know needs to sell a home, ask me about my home-selling plans.. I took the pain out of negotiating with a Realtor and made it SUPER simple. Really! Choose Silver, Gold, or Platinum- Pick your Plan and Pick your Price. Terms do apply. I’m Tanja and I sell homes. Let’s get you going, Call me today!
I’m a Top Producing Realtor® in the OAKLAND / BERKELEY / EAST BAY AREA. I’ve been in the San Francisco East Bay Area since I came up to do my undergrad at UC Berkeley (a long time ago!), with a short stint at UC Davis while getting my Master’s. I take my duties as a Realtor® and Fiduciary very seriously, I enjoy educating my sellers and buyers along the way. Putting People, Before Profit.
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