Market Update Summer 2024

By Chris Petry


There’s been no shortage of news coverage regarding the health of the real estate market over the last two years. For a while, all eyes were focused on the Federal Reserve’s post-pandemic interest hikes. Obviously, a rate increase of that degree was sure to stoke headlines and generate concern among potential buyers. We, and to be fair, a certain contingency of the media tried to provide historical context to the rate increases, to abate fears. Yes, the rates are higher than they were five years ago but on par for where things were at the dawn of the millennium.


 
Interest rates were not the only cause for concern in the market. Home prices were at historic highs. Now, things seem to be settling down a bit. Pricing now is reflective of lower-than-average inventory, which is the direct result of increased mortgage rates. Which is to say, sellers have been hesitant to sell their current homes because of the need to take on a higher interest loan for the replacement.
 


So, what will real estate look like in Summer 2024? As you know, there’s always an uptick in home sales in the Spring and Early Summer. Additionally, while the Fed opted to hold interest rates earlier this week, Chair of the Federal Reserve, Jerome Powell still believes rate cuts are on the horizon. Seeing as rates peaked around eight percent this past October, that’s welcome news for future homebuyers.
 
We’ve all been through a lot in the last four years! The good news is, things do seem to be moving in the right direction. Economists are feeling much better about the state of the economy than they were two years ago. With jobs added, jobs created, and the prices of consumer goods finally plateauing, there’s a new air of optimism out there. We could all use a little more optimism!  
 
If you’ve been considering a move, down-sizing, upsizing, or purchasing your very first home, now’s the time to start laying the foundation for your real estate goals. Make no mistake about it, a new golden era of real estate is just around the corner! Speak to an agent from your local branch of Berkshire Hathaway HomeServices The Preferred and Stouffer Realty, to get things started today.