Monthly news & updates

July 2024 | Volume XI, Issue 7

Nearly One in Four Listings Saw a Price Cut Last Month

Rising inventory means lower prices. According to Zillow, 24.5% of listings saw a price cut in June. As more listings hit the market, sellers are compelled to reduce asking prices in order to facilitate sales, as buyers now have more options than has been typical of the past few years.


Supply still has room to grow. Total inventory remains about 33% below pre-pandemic levels, but listings grew 4% from May to June nationwide. If this momentum continues, a return closer to pre-pandemic housing market conditions could be in sight.


Houses are sitting on the market for longer. Another sign of market normalization is that homes now remain on the market for an average of 15 days. That's the closest the figure has been to the pre-pandemic norm of 20 days since June 2020.


Ready to start the homebuying process? Turn to the experts at National Iron Bank to get pre-qualified and shop with confidence. Click here to learn more!


Excerpt from Scotsman Guide

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