Realtor.com August 2024 Housing Market Update

Homes are taking the longest to sell since 2020, the share of price reductions reached the highest levels since 2022 and inventory is growing.

For example, there’s a staggering 390k fewer homes for sale this July compared to the average July in 2017 through 2019 (down 31% but this gap has been narrowing as of late). However, housing inventory has grown by 33% year-to-date (i.e. January through July this year). For the same time period (Jan-July), this is far higher than 2023 (+5%) and the average January to July in 2017-2019 (+16%) but it’s not nearly as high as the giant growth in the number of homes for sale in 2022 (+83%).

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The reports I covered in today’s video:

To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30 yr fixed rate mortgage is around 6.8% for the current mortgage rates (at the time of filming this video for those with excellent credit).

Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?

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Jason Walter, CPA (inactive CPA lic 103885)
Sacramento real estate agent and native (DRE 01923240)
Mortgage Loan Officer, NMLS 2566691
Revest Homes (DRE 02174879, NMLS 2362319)

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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.

This video description may contain affiliate links that allow you to easily find the items mentioned in my videos as well as support the channel at no cost to you. Thank you for your support! Jason Walter is a licensed real estate agent and mortgage loan originator with Revest Homes in California (DRE 01923240 and NMLS 2566691).

For informational purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. Other restrictions may apply. Equal housing lender.

#realestate #housingmarket #Realtor

[JasonWalter]

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[ctrlaltkys]

Average or Median listing prices rising does not necessarily mean prices are rising for individual properties (it might just indicate higher end homes are being listed for sale). I dare anyone to take a look at actual SOLD prices of inventory anywhere in Southwest FL, you will see prices have dropped 15-20% off peak pricing in 2022, for individual properties actually being sold. Even though average and median prices look stable/rising during this period. I'm not sure if this is true for other parts of the country, but my guess is some areas are deceptively strong and some are deceptively weak, depending upon your exact local market.

[Steverz]

Better late than never 😂Good morning professor Jason Walter & ready to get my nerd on! Drop that data 📊 on us brother 👍

[agentcrypto]

Welp there goes the “low inventory” argument for the remaining re bulls.

[UrquidezFamily]

NorCal house prices are going down...I see a ton on the market with reductions and over 30 days...

[mattanderson]

Thanks Jason, brilliant analysis as always!!
Appreciate you

[Courtney-Alice-Gargani]

Some areas there are prices drops like Austin, TX. I think Idaho prices are going down.

[dbrewu]

More Inventory is not having the desired effect of healthy price cuts that were expected . Just as Lower Rates will most likely not lead to lower prices either . In fact, lower Rates may have the opposite effect . Leading to much higher Real Estate Prices .

[lakelvp]

Let's discuss all price data that is collected/managed by trade groups for tulip bulbs now. I've got some to sell (not many, they dont grow on trees you know!)😂

[royanjohnson]

We need our federal, state, and local governments to address housing affordability. Companies such as Zillow, Tricon Residential Inc., Blackstone Inc., and Opendoor Technologies Inc. are negatively impacting everyone's future of homeownership. Nobody should have to compete with large corporations for a place to live, whether renting or buying.

[wreckim]

Thanks Jason....but it's still so depressing. More inventory and more price reductions, ok maybe. But our population in Cali growing older; old people like me are taking over. Young working folks are having a hard time because you're competing with old established, and old wealth, or old super wealthy. It's not fair because you have starter homes going to 50 year olds, who are in their second marriage perhaps etc.. A young couple here in Ventura County is looking at just under $6K Mo payment if going FHA. Yes, if you have 20%, you'll do better. Because every young couple has $130K laying around.

[billnunez]

Buy a 150k at a 350k price??? Mmmmm no thank you

[aaronremer]

How do you do the screen share love your content

[joewoodchuck]

Nationwide statistics need to be taken with a grain of salt. Regional and local trends are far more useful to buyers and sellers.
Median/average numbers can be deceiving as well. They can easily serve to scare buyers away from a particular area based on that number alone. People need to see what's happening in their own price range. In my area the price ratio from low end to high end houses runs around 10:1 with a low end to median ratio of 3:1.
The market here is also active and definitely still a seller's market.

[woe.num.]

These videos are very informative. Thanks Jason!

[cwgruber]

Thanks Jason 3 days of Rate and mortgage made kept me jonesing for some boarder market data and you Deliver again! Thanks!

[tywade]

Homes are still overpriced!!! It could be up 500% and they will sit. Homes are stil 40-60% overpriced. For god sake do good by the people and make videos telling the truth.

[tlindsay]

I think that home loan rates should be a seperate category from other interest rates. We have a situation where home loan interest needs to remain higher until demand evens out.

[raymond_sycamore]

Yes, I'm still on the market. Going to wait it out and when the sales contract expires I'm just putting a for rent sign in the window and taking the tax cut.

If people don't want affordable housing, I can't help them!

[Solid_Snack]

Are you sure? But supply is still low