The latest data shows U.S. existing home sales have dropped 5.4% both month-over-month and year-over-year. While these numbers might raise some eyebrows, it’s important to dig deeper and see what’s actually happening here in Raleigh.In the Triangle area, we’re seeing some interesting trends: new listings have increased by 12.5%, and inventory is up by over 14%. This means there are more homes available and slightly less competition, which could be a positive for those currently in the market. Although prices have dipped slightly by 2.2%, Raleigh remains one of the strongest real estate markets in the country.This data is from July 2024, so it provides a snapshot of recent activity. As we move through August, mortgage rates are starting to decline, which is encouraging more buyers to re-enter the market. These trends suggest that the market is in a period of transition, and it’s worth keeping an eye on how things develop.If you’re interested in a deeper dive into these statistics or want to understand how these trends might impact your personal situation, I’ve shared more insights in my latest video on Instagram that you can watch by scanning the QR code with this blog.
