In partnership with UAH, HAAR has released its Q2 Real Estate Economics Report to members and the public.
Inventory of homes rose almost 43% in June 2024. The average number of listings increased in all price bands except $650,000-$800,000 price band. The largest percentage growth (136%) occurred in homes in the $200,000-$250,000 price range.
In 2Q 2023 total units sold (1934) was the lowest second quarter level since 2016. In 2Q 2024 total units sold slightly increased to the 1994 level. However, it is still around 6% below the 3-year second quarter average level (2122). Total units sold in April 2024 were lower than April 2023 value and the five-year average levels. In May and June 2024 monthly units sold were higher than 2023 values but still lower than the five-year average levels.
The consumer inflation rate fell to 3.0% in June 2024, which is lower than the average inflation rates in 2023 (4.1%) and 2022 (8.0%). Interest rates have stayed elevated at an average of 7% in 2Q 2024.
According to Freddie Macās weekly data, the national 30-year mortgage rate was 6.86% at the end of June 2024.