The real estate market is always evolving, and recent data suggests we might be seeing a shift from a seller's market to a more balanced or even a buyer's market. If you're thinking about buying or selling a home, here’s what you need to know.
Decline in Home Sales
In June, existing home sales fell by 5.4% compared to May and June 2023. The total sales rate for June was 3.89 million units, a decrease from the annual rate of 4.11 million units seen in previous periods. Single-family home sales dropped 5.1%, while condominium and co-op sales fell by 7.5%.
Record-High Prices
Despite the decline in sales, home prices continue to rise. The median sales price for all housing types in June hit a record high of $426,900, a 4.1% increase from June 2023. Single-family home prices also saw a 4.1% rise, reaching $432,700, while condo prices increased by 2.6% to $371,700.
Inventory on the Rise
Good news for buyers: inventory is increasing. In June, there were 1.32 million units for sale, a 3.1% increase from May and a 23.4% annual growth. This translates to a 4.1-month supply at the current sales pace, the highest level in over four years. While we’re not yet in a fully balanced market, the trend is moving towards more available options for buyers.
A Shift Toward Buyers
According to Lawrence Yun, Chief Economist for the National Association of Realtors®, we're witnessing a slow shift from a seller's market to a buyer's market. Homes are staying on the market longer, sellers are receiving fewer offers, and buyers are more frequently insisting on inspections and appraisals.
Regional Trends
All regions saw a decline in sales but an increase in prices:
- Northeast: Sales down 2.1% from May, median price up 9.7% to $521,500.
- Midwest: Sales down 8% from May, median price up 5.5% to $327,100.
- South: Sales down 5.9% from May, median price up 1.7% to $373,000.
- West: Sales down 2.6% from May, median price up 3.5% to $629,800.
What This Means for You
If you’re a buyer, now could be a great time to start looking. With more homes on the market and fewer competing offers, you might find it easier to purchase your dream home. For sellers, it’s still a strong market, but be prepared for longer listing times and more negotiation from buyers.
Conclusion
The real estate market is dynamic, and staying informed is crucial whether you’re buying or selling. As your trusted real estate professionals, we’re here to help you navigate these changes and make the best decisions for your situation. Reach out to us today to discuss your real estate needs and how we can assist you in this evolving market.
Krystal Casey, Realtor
Keller Williams Realty
Krystal@delawarebeachomes.com
www.delawarebeachomes.com
C: 302-604-4683 | O: 302-360-0300
39682 Sunrise Ct, Bethany Beach, DE 19930
