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While some prospective buyers are making a much-awaited return to the real estate market after a record-setting 30.7% gain in active listings and a sharp rise in the number of for-sale homes with price reductions, others are keeping tabs on an ever-growing median list price and holding off on home purchases. The most recent $449,000 median list price is a steep 16.6% increase from just one year ago, but price growth is decelerating and buying conditions seem to be improving in some regional markets, Realtor.com reports.
The number of homes for sale in the 50 largest U.S. metros climbed 41% in July, especially in popular cities like Phoenix, Austin, and Raleigh, where inventory rose 158.7%, 154.5%, and 137.5%, respectively. In addition, mortgage rates recently fell to an average of 4.99%, giving buyers a sudden sense of urgency to make home purchases before rates jump higher.
Home shoppers who have the time to keep looking and solid financials to weather another rate hike might catch a break come autumn. The housing stock is projected to grow in the coming weeks, meaning buyers may have more choices and face less competition.
Yet buyers can still expect to pay a premium for their homes. While median home prices are indeed falling slightly ($1,000) from June’s record high of $450,000, the slash in prices has yet to cut into the tremendous steady climb home prices have seen over the past few years.
