JUNE ‘24 MARKET ACTIVITY REPORT

Days on market up 14%, active listings up 10% and closed sales down 18% (in comparison to last year) - this data is showing us that homes are sitting a little longer and fewer homes are selling.

The above data is also painting the picture of why the months supply is ticking up a bit as well. However, 2.2 is still very much a sellers market!

May and June are usually some of the hottest months in the real estate market so what gives?

Interest rates still sitting in the low 7’s. When rates are higher that takes buyers out of the buyer pool which, in theory, should slow down the market. The market does seem to be slowing a bit but there are still multiple offers on most move in ready homes.

Election years always through a bit of a wrench into the market. People will sometimes wait to see the outcome of the election to make their next move decision. It’s not out of the ordinary for election years to be a bit slower than non election years

*Remember, numbers in real estate are always lagging. June numbers did not become visible until July but June numbers are really May/June statistics.*