High Prices and Low Buyers Mystery | 1-Minute Market Update w/ Martin Perdomo
Why do low interest rates fail to attract homebuyers? In this week's real estate deep dive, we unravel the complexities behind this puzzling trend. Tune in as we dissect the latest market data from June 21st, 2024, and explore why mortgage applications are down 12% from last year, despite a slight weekly uptick. We'll discuss the staggering 21% drop in house searches, soaring home prices reaching an all-time high of $396,000, and the hefty median asking price of $411,749. With current mortgage payments averaging $2,781 monthly, it's no wonder potential buyers, especially millennials, are feeling the pinch.
Our episode also brings a glimmer of hope with a 7.7% increase in new listings and a 16.5% rise in the number of houses on the market, giving buyers more options than before. We'll delve into the lag in response to falling interest rates, economic uncertainties, and fierce competition from investors and cash buyers that are keeping many out of the market. Whether you're planning to buy, sell, or just stay in the loop, we break down the factors contributing to today's volatile housing market and what it means for you. Join us for an insightful discussion that cuts through the noise and provides clarity on the real estate landscape.
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