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Summer Market Update

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Get the latest real estate news with this quick and easy-to-understand summer 2024 market update!

Real Estate Market:

  • The average rate of a 30-year fixed home loan as of June 19, 2024, is 6.94% for an 80% loan-to-value mortgage. Mortgage rates remain higher than we'd like, but with the Fed's last seven decisions to hold rates steady, we are seeing a minor rate decrease.

  • As of May 2024, the median sales price of existing homes in the U.S. increased to $439,716 from $378,600 in January.

  • As of May 2024, housing inventory is up 18% from January and up 35% from the same time last year. This May marked the seventh month of increasing listing activity after a 17-month streak of decline. Though inventory isn't where it was pre-pandemic, it is still increasing year-over-year as more sellers enter the market.

  • Due to the shortage of existing homes, homebuilders have been attracting prospective buyers, with every 1 in 3 homes on the market today being new construction.

  • U.S. homeowners hold $32.7 trillion in equity, up 63% from 2020, due to home price increases. Some Americans are choosing to tap into their equity with Home Equity Loans or HELOCs (Home Equity Line of Credit), which carry lower rates than credit cards and personal loans. 

  • The average home buyer credit score has reached 737, the highest number since Optimal Blue began tracking this data in 2018. 

Financial Market:

  • The overall U.S. annual inflation rate pulled back in May 2024 to 3.3%, down from 3.5% in March. Notably, gas and grocery prices have receded. On the other hand, insurance costs along with medical and financial services inflation have been rising at a rapid pace which remains concerning.

  • 272,000 new jobs were added in May 2024, down slightly from the previous months. Unemployment ticked up to 4%, the highest level since January of 2022. The sectors with the largest growth were health care, social assistance, government, and hospitality.

  • Real gross domestic product (GDP) increased at an annual rate of 1.3% in the first quarter of 2024, which is slower than forecasted. However, economists don't believe this is part of a broader trend and expect growth throughout the rest of 2024.

What This Means for You

While current interest rates are higher than desired, prospective home buyers should weigh the cost of waiting. Home prices are expected to keep rising, and interest rates might stay elevated. Delaying your purchase could ultimately cost you more than buying a home now. Plus, buying now means you can start building equity right away!

Due to home price increases and the historically low interest rates we experienced in 2021, the average American homeowner has built up $304k in equity. If you're considering consolidating debts or making home improvements to boost your home's value, a cash-out refinance or HELOC could be your best option.

Want to get an equity evaluation? Click here to connect with a Home Loan Specialist to see how much home you've built up!

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