October 2024 Real Estate News
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In the October 2024 edition of Real Estate News, we look at warning signs for buyers, essential fall tasks to protect your roof and foundation, and optimizing your kitchen with stylish solutions. We also delve into current market trends with Freddie Mac and explore new optimism as mortgage rates begin to decline. All of this and more in the October 2024 Real Estate News.
Housing Market Optimism Rises as Mortgage Rates Slowly Decline
The housing market may be starting to favor homebuyers, according to the National Association of Realtors (NAR). Existing-home sales increased in July, bringing about an end to a four-month decline. With inventory levels on the rise and mortgage rates dropping, homebuyers will not only have more options to choose from in the current market, but they’ll see an improvement in affordability as well.
Improving Home Sales
Existing-home sales climbed in July in three of the four major U.S. regions, with only the Midwest remaining steady. Year over year, sales increased in the Northeast and West but declined in the Midwest and South. Despite these gains, home sales remain sluggish. However, Lawrence Yun, chief economist for the NAR, noted, “Consumers are definitely seeing more choices, and affordability is improving due to lower interest rates.” Currently, the 30-year fixed-rate mortgage is averaging 6.09%, according to Freddie Mac. In comparison, a year ago it averaged over 7%.
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