Posted By Lindsay Faircloth @ Jun 3rd 2024 11:16am In: Market Updates

The national real estate market is bustling! Inventory is increasing with more homes on the market now than any other time since August 2020. With every state seeing an increase in listings compared to last year, it is expected that the total number of homes for sale will exceed 2020 levels, peaking at around 700,000 this summer. That's fantastic news for buyers looking to have more options. In our specific area, buyers now have negotiating power with new construction and builders are giving some amazing incentives along with new lender created programs offering true zero down programs to qualified borrowers. 

In terms of prices nationally, home values continue to rise. In March, the National S&P CoreLogic Case-Shiller index saw a modest increase of 0.3%, marking a 6.5% annual rise. Similarly, the FHFA index for homes financed with conforming mortgages rose by 0.1%, up 6.7% year-over-year.

it has long been expected that Fed's will cut rates this year easing some of the pressure that has put on affordability. However, any expected cut would not take place until later in the year. Thankfully, there are options for those who need to buy and can't wait for rates to be cut. 

Stay tuned for more updates as we navigate this dynamic market! CONTACT US with your questions. We are always here for you!

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