The median home sales price in Q2 2024 was essentially the same as in Q2 2023 and was just slightly below the quarterly high reached in Q2 2022. New-listing activity in 2024 is running well above 2023, and the number of homes for sale on July 1st increased 33% year over year. Substantial increases in inventory will typically cool the market and moderate home price appreciation if there is no matching rise in sales activity.
Q2 home sales rose about 2.5% year over year, while home sales of $3 million+ were unchanged. The average home sale closed just slightly below list price in Q2 2024, while the median days on the market dropped to 28 days. The number of price reductions in Q2 2024 leaped 87% year over year, indicating that some sellers had to readjust expectations regarding what buyers were willing to pay.
