<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=1955936548054264&amp;ev=PageView&amp;noscript=1">

Summer Market Update

< Back to Articles | Time to Read: 5 minutes

Get the latest real estate news with this quick and easy-to-understand summer 2024 market update!

Real Estate Market:

  • The average rate of a 30-year fixed home loan as of June 19, 2024, is 6.94% for an 80% loan-to-value mortgage. Mortgage rates remain higher than we'd like, but with the Fed's last seven decisions to hold rates steady, we are seeing a minor rate decrease.

  • As of May 2024, the median sales price of existing homes in the U.S. increased to $439,716 from $378,600 in January.

  • As of May 2024, housing inventory is up 18% from January and up 35% from the same time last year. This May marked the seventh month of increasing listing activity after a 17-month streak of decline. Though inventory isn't where it was pre-pandemic, it is still increasing year-over-year as more sellers enter the market.

  • Due to the shortage of existing homes, homebuilders have been attracting prospective buyers, with every 1 in 3 homes on the market today being new construction.

  • U.S. homeowners hold $32.7 trillion in equity, up 63% from 2020, due to home price increases. Some Americans are choosing to tap into their equity with Home Equity Loans or HELOCs (Home Equity Line of Credit), which carry lower rates than credit cards and personal loans. 

  • The average home buyer credit score has reached 737, the highest number since Optimal Blue began tracking this data in 2018. 

Financial Market:

  • The overall U.S. annual inflation rate pulled back in May 2024 to 3.3%, down from 3.5% in March. Notably, gas and grocery prices have receded. On the other hand, insurance costs along with medical and financial services inflation have been rising at a rapid pace which remains concerning.

  • 272,000 new jobs were added in May 2024, down slightly from the previous months. Unemployment ticked up to 4%, the highest level since January of 2022. The sectors with the largest growth were health care, social assistance, government, and hospitality.

  • Real gross domestic product (GDP) increased at an annual rate of 1.3% in the first quarter of 2024, which is slower than forecasted. However, economists don't believe this is part of a broader trend and expect growth throughout the rest of 2024.

What This Means for You

While current interest rates are higher than desired, prospective home buyers should weigh the cost of waiting. Home prices are expected to keep rising, and interest rates might stay elevated. Delaying your purchase could ultimately cost you more than buying a home now. Plus, buying now means you can start building equity right away!

Due to home price increases and the historically low interest rates we experienced in 2021, the average American homeowner has built up $304k in equity. If you're considering consolidating debts or making home improvements to boost your home's value, a cash-out refinance or HELOC could be your best option.

Want to get an equity evaluation? Click here to connect with a Home Loan Specialist to see how much home you've built up!

Are you buying a home or refinancing?

Where are you planning to buy a home?

Please Select a State

What is your full name?

Please Enter a Name
Please Enter a Last Name

What is your email address?

Please Enter a Valid Email Address
  We won't share your information.

Next, we need to verify a phone number.

Enter a Valid Phone Number
Please Select a Message Type

Enter your phone number and we'll text you a 6-digit security code to verify it's you. Standard texting and data rates may apply. For more information, read our Privacy Policy.

Enter the 6-digit code sent to your device.

 Code sent to +1234567890

Finally, how did you hear about us?

Please Select an Option

By submitting this form, I/we agree to your Privacy Policy Terms of Use and authorize Churchill Mortgage Corporation and/or their Preferred Provider for our area and/or The Churchill Agency to receive the above information to assist in obtaining a home loan.

I/we also authorize Churchill Mortgage Corporation, The Churchill Agency and/or their Preferred Provider for our area to contact us regarding but not limited to mortgage and insurance services and products via telephone, mobile phone (including through automated dialing), and/or email, even if telephone numbers or email I/we provide are on any Do Not Call/Contact Registry, such as corporate, state, or the National Do Not Call Registry. The submission of this form does not constitute in any way a formal loan application or a commitment for a loan. By communicating with us by phone, you consent to calls being recorded and monitored. By participating, you consent to receive text messages sent by an automatic telephone dialing system. Consent to these terms is not a condition of purchase.

Your answer will NOT negatively affect your mortgage application. Your answer does not mean the Lender or Other Loan Participants agree to communicate or provide documents to you in your preferred language. However, it may let them assist you or direct you to persons who can assist you. Language assistance and resources may be available through housing counseling agencies approved by the U.S. Department of Housing and Urban Development. To find a housing counseling agency, contact one of the following Federal government agencies. U.S. Department of Housing and Urban Development (HUD) at (800)569-4287 or www.hud.gov/counseling

Es probable que su transacción de préstamo hipotecario suceda en inglés. Por medio de esta pregunta, solicitamos información para determinar si existen comunicaciones disponibles a su servicio, en su idioma preferido. Sírvase tener en cuenta: posiblemente NO hay comunicaciones disponibles en su idioma preferido.

Thank You!

Thank you for choosing Churchill Mortgage to help you with your home loan needs!

Our team is already hard at work connecting you with your Home Loan Specialist. Rest assured that we've received your request and will be in touch with you shortly.

social proof logos

Already working with someone at Churchill?

Find Your Home Loan Specialist

Please Select a Loan Officer