Market Update July 2024
Westlake Village, Agoura Hills, Oak Park, Thousand Oaks and Newbury Park
By: Michael Rice | July 2, 2024
My View From Inside
Declining mortgage rates and growing inventory is welcome news for home buyers. Mortgage rates have been trending downward and are currently under 7% for a 30 year mortgage and are expected to continue down.
“The 30-year fixed-rate mortgage continues to trend down, hitting the lowest level in almost three months. By historical standards, the economy is in good shape, and we expect rates to continue to come down over the summer months, bringing additional homebuyers back into the market.” – Freddie Mac Economists, June 27, 2024
Buyers have more homes to choose from
Finally, inventory of available homes is increasing steadily. The number of homes for sale jumped 35% from last year to 380 homes for sale. While it may seem it’s simply because fewer people are buying homes compared to last year, it’s not. It’s that more homeowners who have been putting off moving, are finally selling.
Home Prices continue to climb
The median price of a Conejo Valley home hit a new 12 month high in June reaching $1,234,500. California home prices are forecast to keep going up 2.7% in 2025 and 2.4% in 2026.
Bottom Line…
The real estate market typically starts to slow this time of year as the busy spring season comes to a close. But this year may be different. If rates continue their gradual decline, those who have been sitting on the fence may decide to no longer wait.
Ready to talk? Feel free to reach out (818) 384-9929 | Michael@ConejoValleyGuy.com
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What to expect moving forward
- Expect to see homes sitting on the market a little longer and inventory to continue to grow.
- Expect mortgage rates to hover around 6.8% and slowly trend downward.
- Plan to act quickly on homes under $1.2 million, especially new listings. If you like it, someone else probably does too.
- Expect homes that have been sitting on the market for 30 days or more to take a lower offer. Don’t be afraid to try!
Seller’s Corner
The uptick in competition from other homes for sale is shifting the market away a bit from sellers. It’s still a seller’s market overall, but not like it’s been over the last many years. It’s critically important to price your home correctly from the beginning. Buyers are eagerly waiting to pounce on the popular homes. If you miss that first window to attract a buyer, you may have a tough time getting them to come back again once you inevitably drop the price.
What's The 2024 California Forecast?
According to the California Association of REALTORS
- The median price of a home is expected to increase 6.2% in 2024.
- The number of home sales is expected to increase 22.9%.
- Interest rates are expected to average 6% in 2024.
Market Snapshot
Home Prices
- The median price of a Conejo Valley home was up in June to $1,234,500.
- That’s 7 consecutive months up.
- Prices are up 3.7% from $1,190,000 last June.
- And up $36,500 from last month.
For Sale
- June ended with 380 homes for sale.
- Up 35.2% from last June.
- That’s 73 more homes than last year.
- And 72 more homes than last month.
Days on Market
- It took 22 days on average to sell a home in June.
- Same days as last June.
- That’s 0 fewer days than last year.
- And 1 day less than last month.
