The summer housing market in August 2024 showed signs of cooling, primarily due to persistently high mortgage rates, creating an opportunity for homebuyers. A report by Realtor.com revealed a 36.2% increase in active home listings compared to the previous year, the highest level since May 2020. Buyers are benefiting from more choices and price reductions, with 19.3% of listings experiencing cuts, the highest since 2018. While mortgage rates dropped to 6.35%, many buyers are waiting for further decreases as rates are expected to fall. Meanwhile, median home prices dipped slightly from $439,950 in July to $429,995, reflecting the growing inventory of smaller, affordable homes, particularly in the $200,000 to $350,000 range. The South saw the most significant growth in listings, while home sales slowed, with properties staying on the market for an average of 53 days, giving buyers more time to make decisions in this gradually shifting market.

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