The real estate market in 2024 continues to face significant challenges. The number of listings under contract, standing at 8,238 in week 23, is the lowest we’ve recorded for this time of year since 2007. This figure underscores a troubling trend: at no point in 2024 has the count managed to surpass the already low totals of 2023.
To put this in historical context, 2007 was a particularly dreadful year for real estate, with the market stalling amid the widespread certainty that house prices were on the brink of collapse. While we are not facing such a dire situation in 2024, buyer enthusiasm for re-sale homes remains exceedingly low. For further perspective, the total for week 23 of 2011 was well over 21,000, a stark contrast to the current market conditions.
Looking ahead, there is a potential silver lining. If the 30-year fixed mortgage rate falls significantly below 7%, we may see some improvement in the market. For now, it will be essential to keep an eye on the trends. I recommend monitoring the turquoise line above to see if it can creep above the purple line over the next couple of months, indicating a potential uptick in market activity.
Have questions about how to get your home sold in today’s challenging market? Give us a call today! We’re here to help you navigate these uncertain times and find the best path forward for your real estate needs.
