Good News for Home Buyers – Summer 2024

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According to Redfin, Home Prices Hit New Highs, But Buyers Find Some Relief in Summer of 2024 in King County including Renton, Fairwood, Kent, Auburn, and Maple Valley! 

In a recent report by Redfin, the median home-sale price in the U.S. has reached an all-time high of $396,000, marking a 4.8% increase year-over-year. Despite the rising prices, there are signs of relief for buyers. The report highlights a decline in pending home sales by 3.8%, the largest year-over-year drop in nearly four months, and an increase in the number of price drops among sellers, indicating that the market may be cooling off slightly.

The report also points out that new listings are still historically low, which contributes to the high prices. However, the share of homes that have been on the market for 30 days or longer is growing, leading to more opportunities for buyers to negotiate better deals. Homes in good condition and in desirable locations continue to sell at high prices, while those needing work or in less popular areas are selling below the asking price.

Mortgage rates have seen a slight decline, with the weekly average dropping to 6.95%, providing some financial relief to buyers. Redfin's Homebuyer Demand Index, which measures requests for tours and other buying services, has also declined by 17% year-over-year, reflecting the impact of high costs on buyer activity.

Overall, while home prices continue to climb, there are emerging opportunities for buyers to find more favorable conditions in a market that is showing early signs of rebalancing.

For more detailed insights and to read the full article, you can go to Redfin's press release page.

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