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The summer of 2024 ended with a whimper in the housing market.
Existing home sales dropped significantly while home prices continued to climb.
Nationally home sales fell by 4.2% compared to last year.
Regional Numbers
The South lead the drop with number of total home sales down 6% compared to last August. The Midwest saw a 5.2% drop, while sales in the West were more stable but still down by 1.4%.
Prices on the Rise
Despite fewer transactions, the national median home price went up, climbing 3.1% compared to last August. This marked the 14th consecutive month of year-over-year price increases.
Looking Ahead: Fall Picks Up the Pace
Lower mortgage rates have already helped the market rebound. Buyer showing activity has increased and that should show up as increased home sales this Fall.
Takeaway
For now, the housing market is a tricky terrain. Buyers have more options, but there is still stiff competition for the best houses in every price point. Lower interest rates are certainly helping, but affordability remains an issue for many buyers. Sellers are dealing with tougher negotiations from Buyers on homes that don't sell immediately.
✨ Pro tip : An experienced agent is your best asset in an evolving market.
Buying or Selling in Nashville?
WENDY MONDAY • BROKER
Onward Real Estate
@wendymondaysellingnashville on socials
615.642.1313
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