• Active Listings: Decreased 23.53%

• Pending Sales: Increased 12.00%

• Contingent Sales: Decreased 10.53%

• Sold Properties: Decreased 29.27%

• Active Listings: Decreased 19.44%

• Pending Sales: Increased 2.04%

• Contingent Sales: Decreased 5.97%

• Sold Properties: Decreased 9.68%

• Active Listings: Decreased 12.90%

• Pending Sales: Decreased 71.43%

• Contingent Sales: Increased 105.26%

• Sold Properties: Increased 11.11%

Interest Rates: Mortgage interest rates in Q2 2024 remained relatively low, but there was a noticeable increase compared to Q2 2023. The Federal Reserve's gradual tightening of monetary policy led to higher borrowing costs, impacting affordability slightly for some buyers. Despite the increase, rates remained attractive by historical standards, supporting continued demand in the housing market.

1. Home Prices and Affordability: Home prices continued to appreciate in Q2 2024, although at a more moderate pace compared to previous years. Affordability challenges persisted in certain high-demand markets, where prices outpaced income growth. This moderated growth was partly a reflection of the higher interest rates, which tempered excessive price increases.

2. Lending Standards: Lending standards in Q2 2024 remained relatively stable compared to the previous year. Lenders continued to emphasize borrower qualifications such as credit scores, income verification, and debt-to-income ratios. There were no significant changes in lending practices that drastically restricted access to mortgage credit, but lenders maintained a prudent approach amid economic uncertainties.

3. Refinancing Activity: Refinancing activity in Q2 2024 decreased compared to the previous year, reflecting the rise in interest rates. Homeowners who had already refinanced during periods of lower rates found fewer financial incentives to refinance again, despite rates remaining relatively low. However, some homeowners continued to refinance to consolidate debts or access home equity for renovations.

4. Government Programs: Government-backed mortgage programs such as FHA, VA, and USDA loans continued to play a crucial role in providing access to homeownership for first-time buyers and those with limited down payment options or lower credit scores. These programs remained stable, supporting a diverse range of borrowers in the housing market.

Year-over-Year Comparison (Q2 2024 vs. Q2 2023):

• Interest Rates: Interest rates in Q2 2024 were higher than Q2 2023, marking a shift from historically low levels seen in the previous year. This increase, driven by Federal Reserve actions, impacted affordability and slightly tempered housing demand.

• Home Prices: Home prices continued to appreciate in both periods, but the rate of increase moderated from Q2 2023 to Q2 2024. This moderation was influenced by factors including higher interest rates and more balanced market conditions in some regions.

• Lending Standards: Lending standards were generally consistent between Q2 2023 and Q2 2024, with lenders maintaining a cautious yet accessible approach to mortgage lending. Borrower qualifications remained stable, supporting sustainable growth in the housing market.

• Refinancing Activity: Refinancing activity declined from Q2 2023 to Q2 2024, as homeowners adjusted to slightly higher interest rates. Despite the decline, refinancing remained a viable option for many homeowners seeking to manage their finances or access home equity.

Overall, Q2 2024 saw a residential mortgage market characterized by higher interest rates compared to the previous year, moderate home price appreciation, stable lending standards, and ongoing government support for homebuyers. These factors contributed to a balanced housing market environment, although affordability concerns persisted in certain regions with high demand and limited inventory.