Published July 8, 2024
July 2024 Market Update: Will inventories continue to grow past our decade long record?
JULY MARKET UPDATE: INVENTORIES SOAR! IS IT A GREAT TIME TO BE A BUYER?
Happy 4th of July all! We are off to a hot start to the month with temps in the high 90's to low 100's, however the real estate market seems to be cooling off, with inventories building once again to levels we haven't seen in over a decade!
Bend's median sales price surged to $799K this month, up 6% over last year. This was a bit higher than expected and ties the highest median sales price we saw in 2023. The median price of a pending home last month was $752k, so we should expect to see the median sales price pull back from this month's high. Most likely this will lead to a year over year decline for July, which was the strongest performing month of 2023. We are still seeing inventories build with Months of Supply topping at 4.3 months. This is the highest number on record in the last 10 years. We may see this reverse next month as for the first time in 6 months, new listings to market fell year over year.
New Listings By Month
New listings dropped year over year for the first time in 5 months. A welcome sign if you are a homeowner with a home on the market. This was about an 8% drop compared to a trend of a 10% to 15% year over year increase for each of the past 5 months.
Homes Pending By Month
Pending units dropped for the 6th consecutive month and are down roughly 14% to last year at 206 units. When compared to pre-pandemic levels. we are down 38% in pending units compared to June 2019. .
Months of Supply
Months of supply once again surged to levels we haven't seen in over a decade! Our market is at 4.3 months which is about 1 month above any other result for June in the past 10 years.
Financing Affordability
Affordability dropped slightly from last month due to our high median sales price of just under $800K. We saw some relief from interest rates, but the nearly 50K jump in the median sales price of a closed home is holding our metric well above that 4K a month threshold for a monthly payment on a median sales priced home financed with 20% down.
Thoughts for Sellers
If you have a home on the market, make sure you are keeping an eye out for new competition to the market, as listing inventories are building rapidly. We have about 6 weeks left to our selling season before we hit the end of summer/back to school pause. This is a great time to re-evaluate pricing on homes that have been on the market for longer than a month. For those looking to list, we recommend pricing at or below recent comps, as the increased listing competition and high rates will most likely put downward pressure on price heading into the back half of the summer.
Thoughts for Buyers
This is an excellent time to be a buyer as our inventory increases and offers buyers with a wide range of options we have not seen in years! Buyers can take a breath and weigh options prior to committing to a property, a welcome change from early spring, or any time over the past two years. Buyers still need to keep in mind that excellent homes that are price well, will still go fast.
Happy 4th of July all! We are off to a hot start to the month with temps in the high 90's to low 100's, however the real estate market seems to be cooling off, with inventories building once again to levels we haven't seen in over a decade!
Bend's median sales price surged to $799K this month, up 6% over last year. This was a bit higher than expected and ties the highest median sales price we saw in 2023. The median price of a pending home last month was $752k, so we should expect to see the median sales price pull back from this month's high. Most likely this will lead to a year over year decline for July, which was the strongest performing month of 2023. We are still seeing inventories build with Months of Supply topping at 4.3 months. This is the highest number on record in the last 10 years. We may see this reverse next month as for the first time in 6 months, new listings to market fell year over year.
New Listings By Month
New listings dropped year over year for the first time in 5 months. A welcome sign if you are a homeowner with a home on the market. This was about an 8% drop compared to a trend of a 10% to 15% year over year increase for each of the past 5 months.
Homes Pending By Month
.
Months of Supply Months of supply once again surged to levels we haven't seen in over a decade! Our market is at 4.3 months which is about 1 month above any other result for June in the past 10 years. |
Financing Affordability
Affordability dropped slightly from last month due to our high median sales price of just under $800K. We saw some relief from interest rates, but the nearly 50K jump in the median sales price of a closed home is holding our metric well above that 4K a month threshold for a monthly payment on a median sales priced home financed with 20% down.
Thoughts for Sellers
If you have a home on the market, make sure you are keeping an eye out for new competition to the market, as listing inventories are building rapidly. We have about 6 weeks left to our selling season before we hit the end of summer/back to school pause. This is a great time to re-evaluate pricing on homes that have been on the market for longer than a month. For those looking to list, we recommend pricing at or below recent comps, as the increased listing competition and high rates will most likely put downward pressure on price heading into the back half of the summer.
Thoughts for Buyers
This is an excellent time to be a buyer as our inventory increases and offers buyers with a wide range of options we have not seen in years! Buyers can take a breath and weigh options prior to committing to a property, a welcome change from early spring, or any time over the past two years. Buyers still need to keep in mind that excellent homes that are price well, will still go fast.
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