{"id":52879,"date":"2024-07-24T14:11:48","date_gmt":"2024-07-24T21:11:48","guid":{"rendered":"https:\/\/www.movoto.com\/blog\/?p=52879"},"modified":"2024-07-24T14:12:22","modified_gmt":"2024-07-24T21:12:22","slug":"housing-data-signals-a-favorable-shift-for-homebuyers","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/housing-data-signals-a-favorable-shift-for-homebuyers\/","title":{"rendered":"Housing data signals a favorable shift for homebuyers"},"content":{"rendered":"<p>On the surface, June&#8217;s housing data seems to follow familiar trends: existing home sales are down while median home prices have reached a record high. However, a closer look reveals a more optimistic outlook for buyers. This shift has prompted one of the leading housing economists to <a href=\"https:\/\/twitter.com\/NAR_Research\/status\/1815751096234623251\">describe<\/a> it as a &#8220;slow shift from a seller&#8217;s market to a buyer&#8217;s market.&#8221;<\/p>\n<h4>Are we seeing the first signs of a slow shift to a seller\u2019s market?<\/h4>\n<p>Total housing inventory climbed to 1.32 million units at the end of June, up 3.1% from the previous month\u2019s end, and 23.4% increase year-over-year, <a href=\"https:\/\/www.nar.realtor\/infographics\/existing-home-sales-housing-snapshot\">according to data from the National Association of Realtors (NAR),<\/a> released in their monthly Existing-Home sales report. Homes also spent an average of 22 days on market, up from 18 days on market the previous year.<\/p>\n<p>\u201cHomes are sitting on the market a bit longer and sellers are receiving fewer offers,\u201d said Lawrence Yun, the chief economist at NAR. \u201cMore buyers are insisting on home inspections and appraisal and inventory is rising nationally.\u201d<\/p>\n<p>The slow pace of sales is evident in the inventory numbers. Total existing-home sales declined 5.4% from May, reaching a seasonally-adjusted annual rate of 3.89 million in June.<\/p>\n<p>The same report says the median existing-home price for all housing types reached $426,900, an all-time high and a signal that housing affordability continues to deteriorate in the wake of the post-pandemic housing boom. Despite that increase, Yun believes the rate of acceleration has peaked, and home prices will continue to move at a more normalized, steady pace.<\/p>\n<h4>What\u2019s going on with <a href=\"https:\/\/www.movoto.com\/preapproval\/\">mortgage rates<\/a>?<\/h4>\n<p>The average 30-year fixed-rate mortgage dropped to its lowest level since March, <a href=\"https:\/\/www.freddiemac.com\/pmms\">according to data from Freddie Mac,<\/a> which tracks mortgage rates with a weekly report. The average rate has been under 7% since the end of May, reaching as low as 6.7% for the week ending July 18.<\/p>\n<div id=\"attachment_52817\" style=\"width: 140px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-52817\" class=\" wp-image-52817\" src=\"https:\/\/www.movoto.com\/blog\/wp-content\/uploads\/2024\/06\/jt_headshot_2022_960-600x900.jpg\" alt=\"Headshot of Jerimiah Taylor, Movoto's VP of Real Estate &amp; Mortgage Services\" width=\"130\" height=\"195\" \/><p id=\"caption-attachment-52817\" class=\"wp-caption-text\">Jerimiah Taylor, Movoto&#8217;s Chief Real Estate Officer<\/p><\/div>\n<p>\u201cIf you\u2019re watching the headlines, since September of 2021, mortgage interest rates have steadily climbed with the fastest 30-day mortgage rate increase in history in September 2021,\u201d Jerimiah Taylor, the Chief Real Estate Officer at <a href=\"http:\/\/Movoto.com\">Movoto<\/a> said. \u201cOver the last 10 weeks they have incrementally gotten a little better every day.\u201d<\/p>\n<p>The consensus expectation is that the <a href=\"https:\/\/www.movoto.com\/blog\/does-the-current-financial-climate-affect-my-mortgage-amount-and-rates\/\">Federal Reserve<\/a> will cut interest rates in September, supported by multiple indicators that inflation has cooled. However, those hoping for a swift return to all-time-low mortgage rates shouldn\u2019t get their hopes up. According to Taylor, a rate cut is already factored into current expectations.<\/p>\n<p>\u201cThere\u2019s already a lot of this priced in \u2014 that people think the Fed is going to cut in September,\u201d Taylor said.<\/p>\n<p>The impact won\u2019t be totally nominal, Taylor explained. The actual rate cut will create more certainty, closing the spread between 10-year Treasury Yield and the 30-year fixed-rate mortgage, which is higher than normal due to uncertainty in the market.<\/p>\n<h4>More new homes are being finished, but fewer are starting to be built<\/h4>\n<p>One of the biggest future indicators of housing inventory is the U.S. Census Bureau\u2019s<a href=\"https:\/\/www.census.gov\/construction\/nrc\/current\/index.html\"> new residential construction data,<\/a> which reported privately-owned housing completions were up 15.5% year-over-year in June.<\/p>\n<p>But two of the more forward-looking indicators showed annual declines, according to the data. Privately-owned housing competitions were down 4.4% year-over-year in June and building permits were down 3.1% year-over-year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On the surface, June&#8217;s housing data seems to follow familiar trends: existing home sales are down while median home prices have reached a record high. However, a closer look reveals a more optimistic outlook for buyers. This shift has prompted one of the leading housing economists to describe it as a &#8220;slow shift from a seller&#8217;s market to a buyer&#8217;s market.&#8221; Are we seeing the first signs of a slow shift to a seller\u2019s market? Total housing inventory climbed to 1.32 million units at the end of June, up 3.1% from the previous month\u2019s end, and 23.4% increase year-over-year, according [&hellip;]<\/p>\n","protected":false},"author":19,"featured_media":52881,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[262,271,243,48],"tags":[136,273,277,275,274,272,86,276,278],"class_list":["post-52879","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-selling","category-housing-market","category-mortgages-loans","category-real-estate","tag-affordability","tag-economics","tag-freddie-mac","tag-home-prices","tag-housing-data","tag-housing-market","tag-mortgage-rates","tag-movoto","tag-nar","post--single"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Housing data signals a favorable shift for homebuyers<\/title>\n<meta name=\"description\" content=\"June&#039;s housing market data is revealing a more optimistic outlook for buyers, which some are calling a slow shift from to a buyer&#039;s market.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.movoto.com\/blog\/housing-data-signals-a-favorable-shift-for-homebuyers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Housing data signals a favorable shift for homebuyers\" \/>\n<meta property=\"og:description\" content=\"June&#039;s housing market data is revealing a more optimistic outlook for buyers, which some are calling a slow shift from to a buyer&#039;s market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.movoto.com\/blog\/housing-data-signals-a-favorable-shift-for-homebuyers\/\" \/>\n<meta property=\"og:site_name\" content=\"Movoto Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/MovotoRealEstate\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-24T21:11:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-24T21:12:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.movoto.com\/blog\/wp-content\/uploads\/2024\/07\/micheile-henderson-lZ_4nPFKcV8-unsplash-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1706\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Patrick Kearns\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@movoto\" \/>\n<meta name=\"twitter:site\" content=\"@movoto\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Patrick Kearns\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.movoto.com\/blog\/housing-data-signals-a-favorable-shift-for-homebuyers\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.movoto.com\/blog\/housing-data-signals-a-favorable-shift-for-homebuyers\/\"},\"author\":{\"name\":\"Patrick Kearns\",\"@id\":\"https:\/\/www.movoto.com\/blog\/#\/schema\/person\/c63cc6803c4e97dbe50edbba32882478\"},\"headline\":\"Housing data signals a favorable shift for homebuyers\",\"datePublished\":\"2024-07-24T21:11:48+00:00\",\"dateModified\":\"2024-07-24T21:12:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.movoto.com\/blog\/housing-data-signals-a-favorable-shift-for-homebuyers\/\"},\"wordCount\":564,\"publisher\":{\"@id\":\"https:\/\/www.movoto.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.movoto.com\/blog\/housing-data-signals-a-favorable-shift-for-homebuyers\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.movoto.com\/blog\/wp-content\/uploads\/2024\/07\/micheile-henderson-lZ_4nPFKcV8-unsplash-scaled.jpg\",\"keywords\":[\"Affordability\",\"economics\",\"Freddie Mac\",\"home prices\",\"housing data\",\"housing market\",\"Mortgage Rates\",\"Movoto\",\"NAR\"],\"articleSection\":[\"Buying or Selling\",\"Housing Market\",\"Mortgages &amp; 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