Sales and Inventory:

• Single-Family Homes: Closed sales of existing single-family homes surged by 5.2% year-over-year in July 2024. This increase indicates a robust demand for larger living spaces.

• Condos and Townhouses: Conversely, sales in this segment saw a slight decline of 1.2%, reflecting a shift in buyer preferences towards single-family homes.

• Inventory Levels: There has been a significant rise in inventory, with new listings for single-family homes up by 10.7% and for condos/townhouses by 13.8% compared to the previous year.

Pricing Trends:

• The median sales price for single-family homes reached $416,990, marking a modest 0.5% increase from July 2023. This stabilization in prices suggests a balancing market.

• Condo prices, however, saw a 1.3% decline, with the median price at $315,000. This could be due to the increased inventory and changing buyer preferences.

Regional Variations:

• Market behaviors vary significantly across different regions in Florida. For instance, metro areas like Orange, Hillsborough, Lee, Polk, and Palm Beach counties are experiencing higher demand due to population growth.

Interest Rates:

• Mortgage rates have been fluctuating, with predictions suggesting they will stabilize around the mid-6% range throughout October 2024. This stabilization is expected to boost homebuyer demand and enhance purchasing power.

Affordability and Borrowing Costs:

• Despite the stabilization, the overall cost of borrowing remains high compared to historical lows. This has implications for affordability, particularly for first-time homebuyers.

Market Predictions:

• Experts predict that if mortgage rates drop further, it could lead to increased market activity. However, even if rates remain at current levels, the demand for homes in Florida is expected to stay strong due to ongoing population growth and economic factors.

Sales and Inventory:

• Single-Family Homes: The market for single-family homes remains competitive. In July 2024, the number of homes sold increased by 3.3% year-over-year. This indicates a steady demand despite rising prices.

• Inventory Levels: The inventory of homes for sale has increased by 5.8% compared to the previous year. This rise in inventory provides more options for buyers, potentially easing some of the competitive pressure.

Pricing Trends:

• The median home price in Georgia is currently $380,000, reflecting a 3.7% year-over-year increase. This steady rise in prices suggests a healthy market, though it may pose affordability challenges for some buyers.

• Atlanta, in particular, has been noted as having one of the most overpriced housing markets in the U.S., with homes selling for significantly more than their expected value.

Regional Variations:

• Different regions within Georgia show varying trends. Metro areas like Atlanta continue to see high demand due to strong job markets and economic opportunities.

Interest Rates:

• Mortgage rates have been fluctuating but are expected to stabilize around the mid-6% range throughout October 2024. This stabilization could help maintain buyer interest and affordability.

• Predictions suggest potential rate drops towards the end of the month, which could further stimulate market activity.

Affordability and Borrowing Costs:

• Despite the stabilization of rates, the overall cost of borrowing remains high compared to historical lows. This impacts affordability, especially for first-time homebuyers.

• The recent NAR settlement, which affects agent compensation, might lead to lower home prices, benefiting buyers.

Market Predictions:

• Experts predict that if mortgage rates drop further, it could lead to increased market activity. However, even if rates remain stable, the demand for homes in Georgia is expected to stay strong due to ongoing population growth and economic factors.

Sales and Inventory:

• Single-Family Homes: The number of homes sold in Maryland has decreased slightly, with a 3.4% drop in units sold in May 2024 compared to the same period in 2023. Despite this, the market remains competitive.

• Inventory Levels: Active inventory has decreased by approximately 7%, with 10,121 active listings in May 2024 compared to 10,845 in May 2023. This reduction in inventory contributes to the competitive market conditions.

Pricing Trends:

• The average sales price for homes in Maryland has increased by 6.0%, reaching $514,062 in May 20241. The median sales price also saw a rise of 4.6%, now at $430,000. These increases reflect strong demand and limited supply.

• Home prices in Maryland are expected to continue rising, though at a slower pace, with a projected 2.8% increase in home values for 2024.

Regional Variations:

• The Baltimore and Washington D.C. metro areas are experiencing some of the fastest growth in the state. These regions benefit from proximity to major employment centers and government institutions, driving demand for housing.

Interest Rates:

• Mortgage rates are predicted to range between 6.2% and 6.5% in October 2024. This stability is expected to support continued buyer interest, although rates remain higher than historical lows.

• Lenders are offering buydown programs and incentives such as free refinancing if interest rates fall, which could help mitigate the impact of higher borrowing costs.

Affordability and Borrowing Costs:

• Affordability remains a challenge due to the high cost of borrowing. This is particularly impactful for first-time homebuyers.

• Despite these challenges, the demand for housing remains strong, driven by steady employment and population growth in the region.

Market Predictions:

• If mortgage rates decline further, it could lead to increased market activity. However, even with stable rates, the demand for homes in Maryland is expected to remain robust due to ongoing economic and demographic factors.

Sales and Inventory:

• Single-Family Homes: The market for single-family homes remains active. The number of homes sold has increased by 4.1% year-over-year. This indicates a steady demand despite rising prices.

• Inventory Levels: Inventory has increased by 8.4% compared to the previous year. This rise in inventory provides more options for buyers, potentially easing some of the competitive pressure.

Pricing Trends:

• The median home price in Pennsylvania is currently $269,854, reflecting a 4.1% year-over-year increase. This steady rise in prices suggests a healthy market, though it may pose affordability challenges for some buyers.

• Home prices are expected to continue rising, though at a slower pace, with a projected 2.8% increase in home values for 2024.

Regional Variations:

• Different regions within Pennsylvania show varying trends. Metro areas like Philadelphia and Pittsburgh continue to see high demand due to strong job markets and economic opportunities.

Interest Rates:

• Mortgage rates have been fluctuating but are expected to stabilize around the mid-6% range throughout October 2024. This stabilization could help maintain buyer interest and affordability.

• Predictions suggest potential rate drops towards the end of the month, which could further stimulate market activity.

Affordability and Borrowing Costs:

• Despite the stabilization of rates, the overall cost of borrowing remains high compared to historical lows. This impacts affordability, especially for first-time homebuyers.

• The recent NAR settlement, which affects agent compensation, might lead to lower home prices, benefiting buyers.

Market Predictions:

• Experts predict that if mortgage rates drop further, it could lead to increased market activity. However, even if rates remain stable, the demand for homes in Pennsylvania is expected to stay strong due to ongoing population growth and economic factors.