DENVER, CO — The real estate market saw a notable rebound in July 2024, with home sales increasing by 3.8% from June, according to the RE/MAX National Housing Report for July 2024. The median sales price, however, experienced a slight dip, dropping to $425,000, which is $5,000 or 1.2% less than June’s median price. Compared to July 2023, home sales surged by 6.7%, and the median sales price grew by 3.7%.
Inventory levels rose by 1.8% over June and saw a significant year-over-year increase of 36.7%, despite a 9.4% decline in new listings from June. New listings were still 7.1% higher than in July 2023.
Summer buying patterns contributed to the rise in home sales in certain regions. For instance, in Chicago, IL, sales increased by 3.9% from June, closely following the national trend. Mike Opyd, Senior Vice President of RE/MAX Premier in Chicago, noted, “July was a relatively busy month as people were trying to get into homes before August when the end of summer vacations take place and school starts. With rates trending downward over the last few months, July lined up nicely for buyers to take advantage, which led to a slight increase in sales.”
Amy Lessinger, President of RE/MAX, LLC, commented on the market trends, stating, “July’s real estate activity is a promising sign of market resilience. Inventory bounced back after the historic lows of recent years, giving buyers far more options – even with the recent declines in new listings. As the industry prepares to adapt to several new changes in business practices, home buyers and sellers should look for a trusted advisor with the skills, knowledge and experience to guide them.”
Several other key metrics from July 2024 include:
- New Listings: The 51 metro areas surveyed saw a 9.4% drop in new listings from June but a 7.1% increase from July 2023. Coeur d’Alene, ID, Cleveland, OH, and Houston, TX experienced the most significant year-over-year decreases, while Providence, RI, Honolulu, HI, and Nashville, TN saw the largest increases.
- Closed Transactions: Overall home sales rose by 3.8% from June and 6.7% from July 2023. Bozeman, MT, and Raleigh, NC were the only markets to see year-over-year declines. Burlington, VT, Dover, DE, and Providence, RI recorded the highest increases.
- Median Sales Price: The median price across the 51 metro areas was $425,000, down 1.2% from June but up 3.7% from July 2023. Bozeman, MT, Dallas, TX, and Raleigh, NC had the largest year-over-year price decreases, while Burlington, VT, Milwaukee, WI, and Providence, RI saw the largest increases.
- Close-to-List Price Ratio: The average ratio was 99%, down from 100% in both June 2024 and July 2023. Miami, FL, Coeur d’Alene, ID, Tampa, FL, and New Orleans, LA had the lowest ratios, while Hartford, CT, San Francisco, CA, Manchester, NH, and Trenton, NJ had the highest.
- Days on Market: Homes sold in an average of 36 days, two days longer than in June and five days longer than in July 2023. Baltimore, MD, Washington D.C., and Philadelphia, PA had the shortest days on market, whereas Fayetteville, AR, San Antonio, TX, and Coeur d’Alene, ID had the longest.
- Months’ Supply of Inventory: The supply increased to 2.2 months, up from 2.1 in June and 1.7 in July 2023. Hartford, CT, Manchester, NH, and Trenton, NJ had the lowest supply, while San Antonio, TX, Miami, FL, and Bozeman, MT had the highest.
These trends indicate a dynamic market where buyers and sellers must stay informed and adaptable to succeed.
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