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Home Prices Fell in July for the First Time—This Is Good News for Buyers as the ‘Market Is Healing’

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Median home prices fell in July, marking the first-ever seasonal decline in a month that’s typically a peak time for home sales.

The national median list price dipped from $445,000 in June to $439,950 in July, according to a new monthly housing report by Realtor.com®.

This downturn can be attributed to a sluggish summer housing market, with buyers and sellers looking for more economic breaks before making a move.

“As mortgage rates fell in July to their lowest since March on expectations that the Federal Reserve will cut rates as early as September, we suppose some homebuyers may be holding out for lower rates over the next few months,” says Realtor.com senior economist Ralph McLaughlin in his analysis.

With many buyers watching mortgage rates from the sidelines, home sales are now moving at the slowest rate since 2020.

This hesitancy among buyers likely also contributed to prices being slashed on 18.9% of listings in July, up from 15.5% a year ago.

“Sellers are becoming more grounded with patience and price expectations,” McLaughlin adds.

Indeed, the share of listings with price cuts is the highest since 2022.

This all adds up to good news for buyers who have been waiting for home prices to come back down to earth.

Increase in homes for sale

While many homebuyers sat out July, those who did venture into the housing market fray had more listings to choose from than the same time last year.

The total number of homes for sale in July was 36.6% higher than the year prior, marking the ninth consecutive month of growth.

It “now sits at a post-pandemic high,” says McLaughlin. “It’s a welcome sign that the housing market is normalizing, and it tells us the market is healing.”

All four regions of the U.S. saw an increase in active home listings, with the South leading the way at 47.6%, followed by the West at 35.4%, the Midwest at 22.7%, and the Northeast at 14.7%.

Metros that saw the largest increases in the number of homes for sale included Tampa, FL, at 94.9%; Orlando, FL, at 78.7%; and San Diego at 77.7%.

Much like home prices, the jump in inventory is likely the result of one main factor: mortgage rates.

“The decrease in mortgage rates seen in July likely contributed to an increased pace of growth in listing activity,” says McLaughlin.

Where the fresh listings are

Newly listed homes surged 3.6% above last year’s levels, reflecting a notable increase in seller activity.

Buyers looking for the most fresh housing choices should head West, where there are 7.3% more newly listed homes than in July 2023. New listings also grew by 3% in the Northeast and 0.9% in the Midwest.

Only the South saw fresh listings fall, with 0.5% fewer new listings this July than last.

The metros that saw the largest increase in fresh listings compared with last year included Seattle, at 37.3%; San Jose, CA, at 30.8%; and Columbus, OH, at 17.4%.

The home price paradox

Despite the overall decline in the national median list price, it remained stable compared with the same time last year, when it was $440,000.

“However, when a change in the mix of inventory toward smaller homes is accounted for, the typical home listed this year has increased in asking price compared with last year,” says McLaughlin.

This somewhat confusing data is due to the fact that the median price per square foot continues to rise, increasing 3.1% in July compared with the same time last year.

The price per square foot in the 50 largest metros shot up between 24.1% and 81.9% compared with July 2019.

However, the rise in price per square foot has a silver lining for budget-minded buyers.

“This indicates that the inventory of smaller and more affordable homes has grown in share,” McLaughlin explains.

In July, as in the previous five months, the growth in homes priced in the $200,000 to $350,000 range outpaced all other price categories, as the number of homes for sale in this range grew by 47.3% year over year.

Homes are still lingering on the market

The typical home spent 50 days on the market in July, five more days than the same time last year and five more days than last month.

“July marks the fourth month in a row where homes spent more time on the market compared with the previous year as inventory continues to grow and home sales remain sluggish,” says McLaughlin.

However, this trend might change soon.

“We expect selling activity to continue to normalize as rates inch their way down over the next year, with potentially an unusual uptick in September if the Fed decides to cut rates,” McLaughlin predicts.

Read more at Realtor.com

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Free Things to Do in Denver (and Beyond) This Week

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Happy birthday, Colorado!

This state turns 148 today, and Celebrate Colorado runs through August 4, with hundreds of free and discounted activities (find Celebrate Colorado details here). Meanwhile, Denver Days continues through August 3, with plenty of neighborhood festivities on the calendar. And there's a big First Friday coming up!

For more entertainment options, check our roster of events worth the price of admission and our concert calendar. For events running into September, see our Summer Guide. Now keep reading for free things to do in Denver this weekend:

Free things to do in Denver...ongoing

Most museums charge admission, but there are exceptions on SCFD free days. (The next free night at the Denver Museum of Nature & Science, for example, is August 21.)

In the meantime, Civic Center Park is a great place to visit for free, with Civic Center EATS on Wednesdays and Thursdays (although the McNichols Building won't have exhibits again until fall). And the Denver Public Library wrote the book on useful free services and other amenities.

In Boulder, you can visit "Ascent: A Boulder Soundwalk" in Scott Carpenter Park and check out the free public art installation by Ars Nova Singers that celebrates nature, music and Boulder with the Echoes app.

If you're stuck between planes, or waiting for someone who's stuck in summer travel glitches, head to DEN’s Park on the Plaza at Denver International Airport. The 82,000-square-foot open-air plaza, located pre-security between Jeppesen Terminal and the Westin Hotel, will offer free entertainment options now through September 30, including a Sunday concert series.
Free things to do in Denver (and beyond) this week

Governor's Residence Tours
Thursday, August 1, 11 a.m. to 2 p.m.
400 East Eighth Avenue
On Colorado Day, you can tour the Governor's Residence at Boettcher Mansion! Get the detailshere.

Adams County Fair
Thursday, August 1, through Sunday, August 4
Riverdale Regional Park, 9755 Henderson, Brighton
This year's Adams County Fair has a special attraction: the Mustang Summit. Learn about wild horses and meet representatives from the Wild Animal Refuge and Wild Horse Refuge, including founder Pat Craig; get details on the Mustang Summithere. And yes, you'll find all the other usual county fair attractions. Admission to the fair is free, with add-ons for concerts and other events; find more infohere.

Lincoln County Free Fair and Rodeo
Thursday, August 1; and Saturday, August 3, through Saturday, August 10
Lincoln County Fairgrounds, 33747 County Road 2W, Hugo
Yee-haw! “Country On” is the theme of this year's Lincoln County Fair, which runs for ten days at the start of August. Activities range from a parade to 4H displays to county fair contests to mutton bustin'. And don't miss the traditional Ranch Rodeo on August 6! Admission to everything is free; find complete details here.

Breckenridge Art Festival
Thursday, August 1, through Saturday, August 3, 10 a.m. to 5 p.m.
Main Street Station, 535 South Park Avenue, Breckenridge
The 23rd annual art festival will feature over 100 artists, as well as live acoustic music. Admission is free; learn more here.

This Ordinary Stardust: A Scientist's Path From Grief to Wonder
Thursday, August 1, 7 p.m.
Boulder Book Store, 1107 Pearl Street, Boulder
Dr. Alan Townsend's memoir is an exploration of scientific wonder that offers “a fresh perspective on life, death and the bittersweet consequences of impermanence,” according to Jon Krakauer, illuminated through the tragic dual cancer diagnoses of the author's wife and daughter. Registration to the program is $5, but nets you a $5 discount on a book purchase that day. Learn more here.

Silverthorne First Friday Block Party
Friday, August 2, 4:30 to 8:30 p.m.
Fourth Street Crossing and the Outlets at Silverthorne, Silverthorne
Heading for the hills to beat the heat? Silverthorne will host a two-location block party on First Friday, with local bands on five stages, forty artist booths and free activities at the Family Fun Zone. Get the details here.

Visible Planets: World-Renowned Rappers and Their Visual Art
Friday, August 2, 6 to 9 p.m.
Bitfactory Gallery, 851 Santa Fe Drive
After a big inaugural year, Visible Planets returns with an art show opening on First Friday and a free outdoor jam session Sunday with creatives who carry messages of social justice, peace, respect, self-worth and community. The show includes artwork by Georgia Anne Muldrow, Del the Funky Homosapien, Quelle Chris, Deca, Fresh Daily, Oddisee, Lily Fangz, Kristina Johnson and Mick Burson and Natalie del Villar (Homeboy Sandman’s sister). Admission is free; learn more here.

Celebrate Colorado's 148th Birthday With History Colorado
Saturday, August 3
Around Colorado
While Colorado's birthday is August 1, History Colorado will be celebrating on August 3, when more than fifteen attractions across the state combine to create a free celebration. Visitors can go to the Center for Colorado Women’s History in Denver, El Pueblo History Museum, Healy House Museum & Dexter Cabin in Leadville, Fort Garland Museum and Cultural Center, Trinidad History Museum, or the Ute Indian Museum in Montrose and explore Colorado's history for free. At the History Colorado Center, festivities will include a performance by the Colorado Inter-Tribal Dancers and the Colorado Youth Mariachi Program, as well as a traditional Chinese Lion Dance from Shaolin Hung Mei Kung Fu,face painting and sidewalk chalk stations, gold panning with the Georgetown Loop Railroad, a Colorado Proud produce booth and green chile roaster, a Max Fund pet adoption event, artifact tables displaying objects from History Colorado’s collection, and information and activity booths from partnering organizations such as Pop Culture Classroom and Tesoro Cultural Center. The museum's exhibits will also be open for free. Learn more here.

Horseshoe Summer Market
Saturday, August 3, 10 a.m. to 4 p.m.
Breckenridge Brewery!, 2920 Brewery Lane, Littleton
The Horseshoe will be on the Breckenridge Brewery campus with over 65 local makers and vendors. Family-friendly activities include tarot readings, face painting and live music starting at noon. There will be plenty of food and drink, and admission is free. Learn more here.

Air N Space-A-Palooza
Saturday, August 3, 10 a.m. to 2 p.m.
Wings Over the Rockies, Exploration of Flight, 13005 Wings Way, Englewood
Arapahoe/Douglas Works!, Colorado Space Business Roundtable, City of Centennial and the South Metro Denver Chamber host this family-friendly aerospace and aviation fair, an immersive day of discovery with interactive exhibits, speakers and a chance to try a flight simulator. There will be food trucks on site, and you can also catch the Breakfast Fly In hosted by Wings over the Rockies. Admission is free, but you must register here.

Visionary Village
Saturday, August 3, 11 a.m. to 5 p.m.
Denver Central Market, 2669 Larimer Street
Join Made By Us at Denver Central Market for Visionary Village, a  curated lineup of creative community vendors. Admission is free; learn more here.

Castle Marne Grand Reopening
Saturday, August 3, 2 to 6 p.m.
1572 Race Street
Castle Marne, a landmark 1889 mansion built by renowned architect Wiliam Lang, is reopening as an exclusive Airbnb experience under new owners Nate Jones and Jessica Abegg. It's hosting a grand-reopening event on August 3, complete with tours of the mansions and grounds. Admission is free, but RSVPs are required here.

Tiana Longmire and DJ Malc G
Saturday, August 3, 5 to 7 p.m.
Skyline Beer Garden, 1601 Arapahoe Street
The Downtown Denver Partnership opened Skyline Beer Garden for the summer to activate the city center, and has added some extra attractions to the pop-up with free movies and concerts. Take in R&B from Tiana Longmire and DJ Malc G on Saturday, August 3, or dance along to hits courtesy of DJ M’n'M on Saturday, August 17. The ethereal pop of Grace DeVine will be highlighted on Saturday, August 31, along with DJ DesiredAdmired, while it'll be a hip-hop party on Saturday, September 28, with Ason Yugen and ReSrface. Admission is free; find out more here.

Shakedown Street
Saturday, August 3, 7 p.m.
Levitt Pavilion, 1380 West Florida Avenue
For over thirty years, Shakedown Street has been performing the immense catalogue of the Grateful Dead. The ever-shifting repertoire draws from homegrown idioms steeped in traditional Americana, folk, blues, jazz, and rock and roll, with a healthy dose of the avant-garde. Admission is free; learn more here.

Arts & Community Fair
Sunday, August 4, 2 to 6 p.m.
Mestizo-Curtis Park, 32nd and Arapahoe streets
PlatteForum is hosting this free, family-friendly Arts & Community Fair celebrating the diverse work of Denver's nonprofit community. There will be more than twenty artist vendors, live performances by El Sistema Colorado, games, food and demonstrations by community partners, including Community Strategies for Change and Art Garage. Admission is free; learn more here.

Concerts on the Fly
Sunday, August 4,  2 to 6 p.m.
Park on the Plaza, Denver International Airport
Denver International Airport summer concert series runs Sundays through September 1; the lineup on August 4 is Ambrosia, The Petty Nicks Experience (Tom Petty/Stevie Nicks tribute band) and DJ Lil Joe. Admission is free, but tickets are limited. RSVP here.

City Park Jazz: Jakarta
Sunday, August 4, 6 p.m.
City Park Pavilion
Head to City Park on Sunday for a Denver tradition: City Park Jazz. Admission is free; get info here.

Jurassic Park
Sunday, August 4, 6 p.m.
Skyline Park, 1601 Arapahoe Street
The fun continues at Skyline Park with a screening of Jurassic Park. Admission is free; learn more here.

Plan ahead:

Colorado Parks and Wildlife Free Day
Monday, August 5
Across Colorado
To celebrate Colorado Day, there's no entry fee at any Colorado state park on August 5. Although Colorado Day is technically August 1, the CPW always celebrates the occasion with free admission on the first Monday of August. Learn more here.

High Plains Chautauqua: Game Changers
Monday, August 5, through Friday, August 9
Aims Community College Welcome Center, Greeley
The annual High Plains Chautauqua will focus on Game Changers: individuals who had an enduring impact on society. Evening events start at 5:15 p.m. with live music on the patio, along with an on-site food truck, followed by performances from a Young Chautauquan from Greeley-Evans District 6 and portrayals of two historical characters ranging from Eleanor Roosevelt to Albert Einstein, Rachel Carson, Louis Armstrong and many more. Admission to all events is free; get a complete schedule here.

Washington Park 125th Anniversary Jubilee
Wednesday, August 7, 10 a.m. to 8 p.m.
Washington Park
Denver was a dusty cowtown in 1899 when City Landscape Architect Reinhard Schuetze drew up the plans for Washington Park. Today, 125 years later, this urban forest is filled with greenery and activities, including a big free birthday bash with everything from yoga to a concert capping off the day. Learn more here.

48 Hours Summit: Stories_UnderScored
Friday, August 16, 8:30 a.m. to 9 p.m., and Saturday, August 17, 9 a.m. to 10 p.m.
RedLine Contemporary Art Center: 2350 Arapahoe Street
RedLine's 48-hour Summit returns with programming that includes ten-minute talks, hands-on workshops, performances, socially engaged art projects, a block party, the opening reception for The Other Side of the Tracks exhibition and more. It's all free; find the schedule here.

Global Fest
Saturday, August 17, 11 a.m. to 6 p.m.
Aurora Municipal Center Great Lawn, 15151 East Alameda Parkway, Aurora
Aurora bills itself as “The World in a City,” and it lives up to that billing at Global Fest, the city’s signature event showcasing international cultures. Now in its eleventh year, the family-friendly fest will include two stages of musical and dance performances, a variety of local food trucks, an international marketplace, the Parade of Nations, a fashion show, art displays, creative activities for children, and much more. Admission is free; learn more here.

Read more at Westword.com

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As Featured in West + Main Home Magazine: Historical Home Renovation

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Adam + Jessica Johnson

“When we first moved to Oklahoma, we were on the hunt to find a historical home in a desirable neighborhood to renovate. ”
— Adam + Jessica Johnson

West + Main agent Jessica Snook's client Adam grew up in a 110 year old craftsman bungalow in a historical district of Orange County, California.

"When we first set eyes on this 1,700 square foot airplane bungalow beauty with classic California architecture, we knew this was the project we were dreaming of," said Jessica. "A true passion project for us, something we could transform back to life, all while preserving the integrity of the home. Our main goal was to bring back the original charm and character of the home which included some personal touches of what we know best, that warm, airy ambiance of California Coastal interior design."

With this particular project, Jessica + Adam went into it with the intention of transforming the old, outdated craftsman house into a charming home they could be proud of and they really feel like we accomplished their goal.

"Some major transformations that really elevated the home were resurfacing the floors, custom paint in the library, wall moulding and wallpaper in the dining room," explained Jessica. "Our favorite part of the house was how we were able to maximize the square footage in the kitchen, especially with adding pocket doors. We were able to create an open and functional space with modern amenities, including room for a walk-in pantry. We have had multiple conversations about how much we loved the way this project turned out and even considered moving in ourselves!"

 

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When do the Olympics start and end? See the schedule for the 2024 Paris Games.

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The 2024 Paris Olympics are set to kick off soon, with a schedule full of sporting events. Here's everything you need to know about when this summer's Olympics will start and end.

The Olympics will officially open in Paris on the night of Friday, July 26 and continue through Sunday, Aug. 11, although some team events started on July 24. The July 26 opening ceremony will be held on the Seine river, which flows though Paris. The closing ceremony, which includes a parade of flags and athletes, will take place on Aug. 11.

When is the opening ceremony for the 2024 Olympics?

The opening ceremony for the 2024 Summer Olympics will be unique. According to organizers, the July 26 event will be the first Olympic opening ceremony held outside of a stadium. The Tokyo opening ceremony last time around was held in a largely empty stadium because of the COVID-19 pandemic.

In Paris, athletes will parade in boats down the Seine river. The flotilla will begin at 7:30 p.m. local time on Friday, July 26,, which is 1:30 p.m. Eastern in the U.S. and 10:30 a.m. on the West Coast.

An estimated 94 boats will travel along the almost four-mile route as part of the ceremony, with delegations and performers joining athletes on the Seine, according to organizers. Around 10,500 athletes representing 206 National Olympic Committees are taking part in the Games.

Around 120 heads of state, royals and other leaders will also attend the opening ceremony.

When is the closing ceremony for the Paris Olympics?

The closing ceremony for the 2024 Summer Olympics will be on Sunday, Aug. 11, beginning at 2 p.m. Eastern, in the Stade de France. It will feature a parade of flags, a parade of athletes and victory ceremonies, among other events. The closing ceremony in Tokyo lasted for about three hours. 

When is gymnastics at the 2024 Paris Games?

Artistic gymnastics events are scheduled for July 27 to Aug. 1, and then again from Aug. 3-5. Rhythmic gymnastics events, a female-only event, are scheduled for Aug. 8-10. Artistic and rhythmic gymnastics test different skills and use different equipment.

All trampoline gymnastics events are scheduled for Aug. 2, the day starts with the women's qualifications, followed by the women's final. Then comes the men's qualifications and the men's final later on Aug. 2.

Women's artistic gymnastics, featuring athletes including U.S. star Simone Biles, involves four core events: beam, vault, uneven bars and floor exercise. Men's artistic gymnastics features eight events across six pieces of equipment: rings, vault, pommel horse, horizontal bar, parallel bars and floor exercise. There are two additional events to test the overall skill of the male gymnasts.

There are two categories of competition in Olympic rhythmic gymnastics, individual all-around women and group all-around women. It showcases skill, flexibility and musicality using balls, hoops, clubs and ribbons.

When is soccer at the 2024 Paris Games?

Some who go to check the Olympics schedule for soccer may be confused: The sport is listed under football, as it is known in most of the world. 

The events started before the official opening ceremony on July 26 because of the number of matches in the tournament. Matches are scheduled for most days during the Games, with the full listings and results available online. 

An overview of the Olympics schedule for 2024

Competition actually began two days before the opening ceremony, on July 24, with preliminary rounds in archery, soccer, handball and rugby. The swimming events will run during the first week of the Games from July 27 through Aug. 4, with track and field events taking place from July 1 to Aug. 11. 

The marathon is traditionally the last athletic event.

While a full schedule is available online, the Paris Games organizers note that it is subject to change.

Wednesday, July 24

Thursday, July 25

Friday, July 26

Saturday, July 27

Sunday, July 28

Monday, July 29

Tuesday, July 30

Wednesday, July 31

Thursday, Aug. 1

Friday, Aug. 2 

Saturday, Aug. 3

Sunday, Aug. 4 

Monday, Aug. 5

Tuesday, Aug. 6 

Wednesday, Aug. 7 

Thursday, Aug. 8 

Friday, Aug. 9 

Saturday, Aug. 10

Sunday, Aug. 11

Will the Olympics TV schedule be live or delayed?

There will be both live and tape-delayed coverage of the Olympics airing on TV. At least nine hours of coverage will be broadcast each day from 9 a.m. to 6 p.m. ET on NBC and Telemundo. Some events will air on the USA Network, Golf Channel, CNBC and E!. 

Peacock will livestream events from the 2024 Olympics, including the opening and closing ceremonies and every Olympic basketball game.

Read more at CBSNews.com

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A Newly Built Home May Actually Be More Budget-Friendly

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If you’re in the market to buy a home, there’s some exciting news for you.

Many people assume that newly built homes are more expensive than existing ones (houses that have already been lived in), but that’s not always the case. In fact, exploring newly built homes can sometimes lead to more cost-effective options, especially today. Hard to believe, right? But the data doesn’t lie.

Here are two key reasons working with your agent to look into new home construction could help you find a more budget-friendly option.

Reason 1: Lower Median Prices for Newly Built Homes

The median sales price for newly built homes is lower than the median sales price for existing homes today. This might seem surprising, but it’s true according to the latest data from the Census and the National Association of Realtors (NAR):

 
 

Why is that? Builders are focused on building what they can sell. And right now, there’s a very real need for smaller and more affordable homes – so that’s what they’ve been bringing to the market. At the same time, there are also more newly built homes already on the market than there have been over the past few years, so builders are motivated to make sure they’re selling what they’ve got available before adding more.

Reason 2: Attractive Incentives from Home Builders

Another big reason to consider a newly built home is the range of incentives that many home builders are offering. Again, since builders are aiming to sell their current inventory, some are providing special deals to sweeten the pot for homebuyers. HousingWire explains today’s trend:

“Overall, the usage of sales incentives was up to 61% in June, compared to 59% in May.”

One of the most appealing incentives right now is how builders are able to offer competitive mortgage rates. They may also provide other incentives, such as covering closing costs, or offering free upgrades.

Why This Matters to You

Considering a newly built home could open up opportunities you hadn’t thought of before. With competitive pricing and attractive incentives, you might just find that a brand-new home is the most appealing option for you.

Bottom Line

Buying a home is a big decision, and it’s essential to consider all your options. By looking into newly built homes, you might find a perfect fit for your needs and your budget.

Let’s explore the possibilities together. If you have any questions or want to see what’s available, reach out to a local real estate agent.

Read more at KeepingCurrentMatters.com

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