Real Estate Market Continues Balancing Out For Buyers and Sellers - Here is your Market Update for July 2024. Home prices leveled out in July as unit sales and volume increase 3.9% and 10.3% respectively in Northeast Indiana. Median Home Prices were flat -0.8% to $253,00 compared to July 2023 as inventory rose 23.1 to 1.6 months of supply in the same period. Pending Sales were down slightly 1.8%.

Nationally, the Upstate Alliance of REALTORS reports, “In the second quarter of 2024, 89% of 223 metro areas saw home price gains, with 13% experiencing double-digit increases. The median price of single-family homes increased by 2.4% from the previous month, and the monthly mortgage payment increased by 1%."

They continue, "The 30-year fixed mortgage rate ranged from 6.82% to 7.22% in the second quarter. NAR's chief economist, Lawrence Yun, predicts that the average mortgage rate will drop to 6.3% by the end of 2024, which could lead to a 30% increase in the number of properties available for sale. However, some say that mortgage rates may not be low enough for homeowners with mortgages under 4% to move unless there's a compelling reason."

Additionally they state, "NAR will implement practice changes on August 17, 2024, to resolve claims from home sellers regarding broker commissions. REALTOR MLSs must comply with these changes by the deadline to remain in compliance with NAR policy."

As always, if you own a home and would like to to see what kind of price you could get for your property, don’t hesitate to call or text me at 260-579-1516 or email me at mike@mikearchbold.com. THE NORTHEAST INDIANA MARKET CONTINUES TO PROVIDE OPPORTUNITY FOR SELLERS AND INCREASED INVENTORY MEANS MORE CHOICES FOR BUYERS! PLEASE GIVE ME A CALL TODAY TO DISCUSS YOUR OPTIONS!

свернуть