August 2024 Market Report
“Key indicators were a mixed bag in August, with inventory and median sales price increasing, but sales activity slowing. Slowed sales activity may be due to an anticipated rate cut from the Federal reserve at their September meeting, as buyers may be pausing their search or purchase in anticipation of lower rates. Anxiety and uncertainty around the general election in the fall may also be adding to buyer’s uncertainty.
Affordability remains a top concern, but the trend of increased inventory may bring a more normalized market in the coming months.”– Heather Renner, 2024 CCAR President
