While the summer months usually see more home sales, the housing market in 2024 has been mired by low inventory, high home prices, and a number of other challenges. Through the remainder of the year, home prices and mortgage rates will likely remain high, according to insight from financial services company Bankrate. However, buyers shouldn't lose hope. Bankrate suggests those looking to buy should continue to be realistic about what they can afford and keep a close eye on the market for better prices during other times of the year.
However, Q3 of 2024 could deviate from the norm, some believe. Rick Sharga, president and CEO of CJ Patrick Company, is among them: “Since the COVID-19 pandemic, seasonal patterns haven’t held true,” he says. “While historically, home sales have risen in the second and third quarters before declining in the winter months, we’ve observed home sales peak in January or February and then decline each month for the balance of the year,” Sharga notes. “The same pattern appears to be emerging in 2024, where the volume of sales seems to have peaked in February.”
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