Zonda’s Post

Let's see... to make the best home buying or selling decision, I need to know what's going on in the market right now. Last month is a look backwards. Altos Market Trend Reports updated every week to help you better guide #homebuyers and #homesellers. Check out Mike's latest Market Update! #altosresearch, #altosdata, #altoshousingdata, #housingwire

With inventory increasing and home sales dropping, that should mean that we are now tilting towards a buyers market. The overheated market should slowly get normal. #realestate #realestateadvice #realestateexpert #realestatestats #realestatedata #siliconvalley #siliconvalleyrealestate

  Pace has eased of late, but year/year sales growth for existing homes priced >$1M (blue) is still well above that for homes priced in $250k-500k range (orange) 

Sales of new single-family houses in March 2024 were at a seasonally adjusted annual rate of 693,000. This is 8.8 percent (+/- 17.2%)* above the revised February 2024 estimate of 637,000. March 2024: +8.8* % Change February 2024 (r): -5.1* % Change

June sales decline amid supply challenges and rising prices Sales in June reached 2,738, marking a 13 per cent decline from last year’s record high. Although sales improved for homes priced above $700,000, it was not enough to offset the declines reported in the lower price ranges. Despite the easing in June sales, they remain over 17 per cent higher than long-term trends. “The pullback in sales reflects supply challenges in the lower price ranges, ultimately limiting sales activity,” said Ann-Marie Lurie, Chief Economist at CREB®. “Inventory in the lower price ranges of each property type continue to fall, providing limited choices for potential purchasers looking for more affordable product. It also continues to be a competitive market for some buyers with over 40 per cent of the homes sold selling over list price.” To read the full article, go to creb.com/news Source: CREB®

Median sales price hits 2024's highest point!!! Last week's $327,000 median sales price was the largest total in MRED's residential marketplace during 2024. Additionally, it was the highest point since July of 2023 while posting week-over-week and year-over-year increases of 4% and 12% respectively.

Sales of new single-family houses in February 2024 were at a seasonally adjusted annual rate of 662,000. This is 0.3 percent (+/- 16.2%)* below the revised January 2024 estimate of 664,000. February 2024: -0.3* % Change January 2024 (r): +1.7* % Change

Sales of new single-family houses in May 2024 were at a seasonally adjusted annual rate of 619,000. This is 11.3 percent (+/- 15.5%)* below the revised April 2024 estimate of 698,000. May 2024: -11.3* % Change April 2024 (r): +2.0* % Change

Sales of new single-family houses in August 2024 were at a seasonally adjusted annual rate of 716,000. This is 4.7 percent (+/- 10.6%)* below the revised July 2024 estimate of 751,000. August 2024: -4.7* % Change July 2024 (r): +10.3* % Change

Baaaaaaaaaaaaaaa! Don’t be a sheep!   Sales volumes reached record lows in 22-23, at approx. 59,000 well below the long-term average of circa 82,000!   With high inflation, high interest rates and low buyer confidence; buyers have been sitting on their hands.   So, when inflation is tamed, interest rates will come down, bringing confidence back to buyers… So, in 2025 when everyone piles back into the property market, what will you do?   Get ahead of the flock. Buy new, buy now and settle in 2025.