July Market Overview
July’s market brought a shift in pace. Median home prices held steady, even as more homes became available and buyers gained greater choice. Inventory is up compared to earlier this year, giving buyers breathing room without tipping fully into a buyer’s market. For sellers, strong prices are still in play, with the median percent of list price remaining high and well-prepared homes continuing to attract multiple offers.
Pending sales were down about 10%, and closed sales slowed despite the larger pool of homes for sale. Many properties are taking longer to sell, with median days on market rising—likely even higher when factoring in unsold homes. Still, months of supply remains at a healthy level, offering more balance than in recent years. For sellers, the key is pricing ahead of the market to spark activity early, as homes with the right price and presentation are still drawing strong interest. For buyers, this is an ideal moment to explore options without the pressure of frenzied bidding wars—yet when the perfect home appears, acting quickly can still mean winning in a multiple-offer situation.
July may have felt softer, partly due to the seasonal slowdown as summer winds down and school starts, but the market remains resilient. Both buyers and sellers have opportunities to succeed when they approach with strategy, timing, and a clear understanding of local dynamics.
Mark Daker of Ameris Bank Insights
In July, interest rates remained largely steady, showing minimal movement throughout the month. While there were slight fluctuations at times, rates stayed relatively quiet overall. Jobless claims and employment reports came in below expectations, signaling a strong U.S. labor market. Inflation also held steady, and most key economic indicators continued to align with forecasts, offering limited reasons for the Federal Reserve to lower rates in the near term.
Despite this stability, market watchers still anticipate at least two rate cuts later in 2025. The overall picture points to a steady rate environment for now, with economic fundamentals supporting continued caution from the Fed before making any significant changes.
