A Rare Window of Opportunity for Buyers!
Home sales are showing signs of life again! In July, sales of previously owned homes rose 2% compared to June, surprising many analysts who expected a slowdown. These numbers reflect contracts signed in May and June, when mortgage rates pulled back slightly after briefly climbing above 7%.
Inventory is also playing a major role right now. At the end of July, there were 1.55 million homes on the market, nearly 16% more than a year ago and the highest level since 2020. At the current pace, that represents a 4.6-month supply, which is still short of a truly balanced market but a much healthier level than we’ve seen in recent years. With more choices available, buyers are feeling less pressure, and sellers are having to be more flexible.
While prices continue to hover at record levels, the pace of appreciation has slowed considerably. The median home price in July was $422,400—just a 0.2% increase compared with a year ago. For the past 25 months, we’ve seen annual gains, but the current environment suggests we may be approaching a turning point.
This creates a rare window of opportunity. Sellers today are motivated, inventory is up, and buyers have more negotiating power than they’ve had in years. Once rates ease further, we’ll likely see many buyers jump back into the market at once. That surge will tighten supply again and could push prices even higher. Acting now means getting ahead of that shift!
If you’ve been thinking about buying or investing, this may be the time to make your move. Reach out to me anytime—I’d love to help you take advantage of today’s opportunities and position you for success in this changing market.
