Market Update July 2024

Declining mortgage rates and growing inventory is welcome news for home buyers. Mortgage rates have been trending downward and are currently under 7% for a 30 year mortgage and are expected to continue down.

 

“The 30-year fixed-rate mortgage continues to trend down, hitting the lowest level in almost three months. By historical standards, the economy is in good shape, and we expect rates to continue to come down over the summer months, bringing additional homebuyers back into the market.” – Freddie Mac Economists, June 27, 2024

 

Buyers have more homes to choose from

Finally, inventory of available homes is increasing steadily. The number of homes for sale jumped 35% from last year to 380 homes for sale. While it may seem it’s simply because fewer people are buying homes compared to last year, it’s not. It’s that more homeowners who have been putting off moving, are finally selling.

Home Prices continue to climb

The median price of a Conejo Valley home hit a new 12 month high in June reaching $1,234,500. California home prices are forecast to keep going up 2.7% in 2025 and 2.4% in 2026.

Bottom Line…

The real estate market typically starts to slow this time of year as the busy spring season comes to a close. But this year may be different. If rates continue their gradual decline, those who have been sitting on the fence may decide to no longer wait.