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Demand For Vacation Home Mortgages Fell 40%
Housing market predictions for 2024 Austin Real Estate Appears to Calm Surprising City Topping 2024's Market List Surge in Commercial-Property Foreclosures CFIUS in Real Estate Transactions Livly Joins Forces with AppFolio City of Harrisonburg hosting free 90-minute prop-management session
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🗞️ In This Edition
Housing market predictions for 2024
Austin Real Estate Appears to Calm
Surprising City Topping 2024's Market List
Surge in Commercial Property Foreclosures
Demand For Vacation Home Mortgages Fell 40%
CFIUS in Real Estate Transactions
Livly Joins Forces with AppFolio
City of Harrisonburg hosting free 90-minute prop-management session
📈 Market Numbers
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Numbers as of July 29th 2024 closing
30-Yr Fixed RM | 6.78% | + 0.01% |
15-Yr Fixed RM | 6.07% | + 0.02% |
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🤌🏻 Real Trends
Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again?
1. Mortgage Rates and Affordability: With average 30-year fixed mortgage rates at 6.78%, affordability remains a challenge. Experts believe significant improvements will occur only when rates decline enough to ease buyer obstacles.
2. Inventory and Home Prices: Resale inventory has increased, providing some relief, but the market still faces a severe shortage. Home prices continue to rise, with a 6.3% annual gain in April, according to the S&P CoreLogic Case-Shiller Home Price Index.
3. Builder Sentiment and New Construction: Builder confidence has declined due to high mortgage rates and inflation. New home permits fell 2.9% month-over-month in May, but 25% of builders have reduced prices to boost sales.
4. Sales Performance: Existing-home sales dipped 0.7% in May, with the median price reaching $419,300. New home sales fell 11.7%, and pending home sales decreased by 2.1% in May.
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