What to Expect with Home Prices This Fall

Home prices have held steady in the first half of 2024, driven by a balance of moderate demand and slowly rising inventory. Will prices remain strong into the fall, or are there bargains for homebuyers on the horizon?

Watch the replay of our July 18, 2024 webinar with Altos President Mike Simonsen, who'll share all the latest data on the fast-changing housing market. He’ll touch on what’s happening with mortgage rates, discuss which signals he's watching for price movement, and look at other leading indicators pointing towards continued rising inventory in the second half of the year. He'll also dive into the latest data for local markets across the country.

Topics will include:

- What to expect with home prices
- An update on inventory, and where this is likely headed
- How mortgage rate fluctuations are shaping the market
- Where the latest pending sales data is pointing
- How to talk to buyers and sellers about the data right now
… and more.

Altos Research is the premier resource for real-time real estate data. We provide weekly market statistics, analysis and reporting for 99% of the zip codes in the U.S., helping real estate professionals, investors, financial institutions, and their clients make better-informed decisions.

Featuring Mike Simonsen, President of Altos Research

A true data geek, Mike founded Altos Research in 2006 to bring data and insight on the U.S. housing market to those who need it most. Altos provides national and local real estate data to financial institutions, real estate professionals, and investors across the country, and the company is now part of HW Media, publisher of HousingWire and RealTrends. Mike uses Altos data to identify trends in the real estate market well before the headlines, and his work has been featured in the New York Times, The Atlantic, Fortune, Forbes and other publications.

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See you next week!

#realestate #realestatemarket #housingmarket

Altos Research is now part of HW Media! Check out their channel at @HousingWire for more housing market insights.

[kortyEdna]

Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.

[claramarie]

Living in Oklahoma here and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quite mediocre neighborhoods. Then you’ve got Better, average sized homes in nicer neighborhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.

[tatianastarcic]

I think it's time to make it more appealing for potential buyers. Real estate can be quite the rollercoaster! the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate the entire $680k liquidity value to my stock portfolio?

[HisCoconutGun]

Im on the sideline (looking to upsize) and 6.75% would have no effect on my likelihood to buy.

[Matthew-rpjf]

Anyone thinking 6 percent rates will ignite buyers...go to a mortgage calculator and see the difference..negligible given current prices...maybe if prices were 15 percent lower. It's like a hundred bucks cheaper for me which is nothing

[blewcollarguy]

Even if it’s at 3% why tf would anyone still buy something valued at 200k for 500k?!!!

[matthewjouffray]

Home prices have doubled in 4 years. A .5% drop in interest rates won’t do squat. Still holding on to my cash for better opportunities.

[tradewisetv]

Boy, I sure have to disagree with 6.5% interest rates causing significant market action. Maybe if prices were still going up or even holding steady, but not at the threshold of huge declines.

[raymond_sycamore]

idk... my market is flooded and nobody is pending! 30-90 day Zillow map is BLEEDING RED

[threemonkeys]

The buyer is tapped out. Everything costs so much more than a few years ago and years of paying these prices for everything has caused buyers to run out of money. FICO scores lower is just the beginning. Lower prices coming and coming fast. If you are thinking of selling, you should put it on now and at a reasonable price. Buyers are rebelling

[michaeltaylor]

Love the new "percent of new listings sold immediately" chart 👍

[MosesKim-jerj]

Mike, love the videos. But it’s not accurate when you say “higher for longer than anyone predicted”. That’s not true. It’s higher for longer than the mainstream predicted. Big difference.

[re]

Avg cost of a new home in central Texas is $425k. Avg median household income in Texas is $72k. See anything wrong with this? The numbers do not add up.

[sgpbnp]

Thanks for the review on Atlanta, where I live. I’m in the market for a new home. What I have experienced is builders are becoming teasingly more aggressive with their incentives. Sadly, however, new construction quality in the Atlanta area is poor, based on other news homes I’ve purchased in Ohio, Illinois, and Utah. The few quality builders in the area are outside of my price range. So I will wait about a year longer and perhaps move to another market with quality construction in my price range.

[nonexistent]

There will soon be a giant spike in inventory. Due to a giant spike in job loss as morrgage rates even edge down.

[corgising]

Doesn’t a lot of inventory mean they are overbuilt combined with no interested buyers?

[hankduncan]

Am I missing something? That coming soon inventory number at 24:00 looks like a hockey stick after the 4th of July

[mr.bigsquid]

If rates go down prices are staying high which does nothing. Rates need to be higher and price crash for sales to pickup. All the people that wanted to overpay already bought.

[baileyvaughan]

Atlanta home prices will never crash!
(:

Thanks for the video!

[paulcody]

6% Mortgage rates will get a ton of inventory on the market... ppl are pinched on home owner costs they didn't fully figure in... insurance rates up, property taxes up... that 6% is 'close enough' to get ppl to dump and rent or downsize...