July 2024 Real Estate News

July 2024 Real Estate News

🥘 Cooking with Jon 🍄

Looking for a delicious new recipe to try? I recently made Stuffed Morel Mushrooms and it was amazing! Click the link below to get the recipe and bring a taste of gourmet dining to your kitchen!
Click Here for the Recipe

 

July Real Estate News

  • The median house sales price in Q2 2024 was essentially unchanged from Q2 2023.
  • The number of new listings coming on market in Q2 was up 28% year over year, and the number of homes for sale on July 1st soared 65%. Substantial increases in inventory will typically begin to cool the market and moderate home price appreciation if there is not a commensurate rise in sales activity.
  • Q2 home sales dropped 8% year over year, while home sales of $3 million+ rose 12%: The most affluent households have been playing an outsized role in the housing market since late 2023 (when financial markets began their rebound).
  • The average home sale closed for 3% over list price in Q2 2024, while average days on market dropped to its lowest reading in 2 years.
  • The number of price reductions has been rapidly climbing year over year, an indication of some sellers having to readjust expectations regarding what buyers are willing to pay.
As of early July, mortgage rates continue to hover around 7%, though hopes remain for at least one reduction in the Fed’s benchmark rate in 2024. Stock markets have sustained their extraordinary rise. The homeowner’s insurance situation remains challenging, with policies often difficult to locate and increasingly expensive. And the latest Census estimates revealed the Bay Area is growing older, with fewer children and a rapidly rising number of residents aged 65+.

 

Click Here To Access The Full Report
Click Here to Review The East Bay Home Price Map For Alameda & Contra Costa Counties

 

If you’re in the market for a second home in the beautiful Tahoe or Truckee area, I’m here to help. With my extensive experience in the Lafayette real estate market and my growing connections with agents in Tahoe and Truckee, I am well-equipped to assist you in finding the perfect getaway. Whether you’re looking for a serene lakeside retreat or a cozy mountain cabin, my expertise and local partnerships ensure you’ll receive the best guidance and support throughout your home-buying journey.

 

 

Community Events

 

 

Bring your confidential documents, tax papers, and shred whatever you want for FREE. From 11 -2 pm at 201 Lafayette Circle, Lafayette. Small paperclips and staples are ok. Please no binders, cardboard, hardcover books, newspapers, or magazines.

 

Moraga Summer Concert Series
Every Thursday Night through August 15th 6:30-8:30pm
Learn More Here

 

Orinda Summer Concert In The Park
August 1, 15 & 29, September 12 6-8pm
Learn More Here

 

Orinda Summer Movie in the Park
Friday evenings August 23, and October 4 8-10pm
Learn More Here

 

Orinda Food Trucks with Taste of the World Market
Every Thursday Night through the end of October 5-8pm
Learn More Here

 

Work With Jon C. Wood

Choose an agent who will understand your Real Estate journey and who will provide you the results you're looking for! If you're ready to get started, call Jon today.