Modesto Market Update - July 2024

California home prices climbed further, with the statewide median up 0.4% from April and recorded a strong year-over-year gain of 8.7% from the same month of last year. The median price of $908,040 recorded last month was a new high for the state, and the solid increase from last May was the eleventh straight month of annual price gain for California.

Locally, we’re seeing the same trend as the median listing price for a home in Modesto hit $539k this month. The $300k to $500k segment continues to sizzle, with 107 homes for sale, including 33 new listings in the last seven days. The increase in homes has pushed our Months of Inventory rate to 1.8 (meaning it would take 1.8 months to sell all home currently available if no other homes were added). Overall, 229 homes went up for sale (up from last month), while 116 homes were sold (slightly down from last month).

Stronger sales in higher-priced properties continued to contribute to median price growth, with million-dollar home sales rising more rapidly than their more affordable counterparts in the state. Below is breakdown of homes available in Modesto, separated by price segment. 

A quick guide to buying a home 

Buying a house is a big decision, but with some basic steps, you can make the process easier. Here’s a simple guide to help you navigate buying a house:

Determine your budget: Before you start looking at houses, figure out how much you can afford. Consider your income, expenses, and any debts you have.

Get pre-approved for a mortgage: This will give you a better idea of what you can afford and make you a more attractive buyer to sellers.

Find a real estate agent: A good agent can help you find houses that meet your criteria, negotiate with sellers, and guide you through the buying process.

Start house hunting: Look for houses that fit your budget and meet your needs in terms of size, location, and amenities.

Make an offer: Once you find a house you like, work with your agent to make an offer. Consider factors like the condition of the house, the current real estate market, and the seller’s asking price.

Get a home inspection: Before closing the deal, hire a professional to inspect the house for any issues that could be expensive to fix.

Finalize the mortgage: Work with your lender to finalize your mortgage and ensure all necessary paperwork is in order.

Close the deal: Sign the final paperwork, pay any closing costs, and take possession of your new home.

Move in: Once you’ve closed the deal, it’s time to move in and start enjoying your new home!

Remember, buying a house can be a complex process, so don’t hesitate to ask questions and seek guidance from professionals along the way.

Interested in buying or selling a home?

Click here to book a 30-minute meeting to get started!

Ed Justen -DRE: 02221512  - Affiliated with  Keller Williams.  Portions of this blog post created via artificial intelligence and lightly edited by the post author. All  information presented here sourced from publicly available websites , including the CAR Market Minute Write-up