July 2024 Real Estate Market Report (U.S.)

National Real Estate Trends Reba Roy July 13, 2024

Welcome to the July Monthly Market Report! This month's report covers forecasts for the second half of 2024, the impact of the upcoming election on the real estate market, and insights into consumer mindset and market conditions.

1. Housing Market Forecast for the Second Half of 2024:

Home Sales: Expected to rise due to an increase in inventory from new home construction and various events causing people to move.
Price Forecast: Home prices are expected to see a more normal appreciation, averaging around 2.8% for the year, with a forecasted range of 3-5%.
Mortgage Rates: Anticipated to decrease slightly, potentially reaching below 6.5% by mid-2025, improving affordability.

2. Impact of the Election on the Real Estate Market:

Uncertainty and Consumer Confidence: Election years create uncertainty, influencing consumer decisions to postpone major purchases like homes.
Historical Trends: Home sales typically increase in the year following a presidential election. Prices tend to rise as well, with existing home prices increasing in seven of the last eight elections.
Mortgage Rates: Historically, mortgage rates have decreased leading up to eight of the last presidential elections.

3. Market Insights and Agent Recommendations:

Inventory Levels: Rising inventory levels due to increased construction and changing market conditions.
Consumer Behavior: Consumers tend to delay purchases during election years but typically resume buying activity afterward.
Professional Advice: Agents should stay informed about market trends and educate their clients to navigate the current market confidently.

Conclusion: This market report highlights the importance of staying updated on market trends, understanding consumer behavior, and adapting to changes in the real estate landscape. As always, being well-prepared and knowledgeable will help you provide the best advice to your clients.

Link to Video and Slides: Watch the full July 2024 Market Report video and access the detailed slides here: