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SOFTENING SALES PRICES

A glimpse of relief for buyers?

#38

What’s behind real estate’s youthful glow? 

According to a recent Redfin report, in 2023, 40% of new mortgages went to buyers under 35 years old, and a third of homes that hit the market were new builds—more than double the rate seen in 2019. Between young buyers and surging new construction, it looks like the next generation of homebuying is officially here to stay. 

SHARPEN YOUR SKILLS

🔊 Today’s Top Reading Rec:

At the core of every conversion is conversation—connecting with a potential client, showing your worth, and inviting them into a partnership. And if you ask social media star and top agent Glennda Baker just how those conversations get started, she’ll tell you this is the key to amplifying your connections.

MAKE A SPLASH

The Easiest Way to Convert Your Leads

glenndagazette.beehiiv.com/p/make-splash

MARKETS

Price Cuts

This summer could offer softening sales prices for buyers willing to brave interest rates. In May, price reductions hit a nearly two-year high and the median asking price declined for the first time in six months. Those shifts, paired with an increase in time-on-market, mean today’s buyers may find a bit of price relief—and have a few extra days to compare options. 

By the numbers:

  • Last month, the percentage of sellers cutting their asking prices rose to 6.4% nationally, pushing the median asking price down about $3,000 to $417,000. 

  • For the first time in eight months, inventory levels rose year-over-year, meaning homes are staying on the market a bit longer than they did last fall. 

  • The average monthly housing payment for buyers fell to its lowest in six weeks at $2,812. 

REC ROUNDUP

The Friday Five

📖 Dealmaking. The surprising thing 54% of homebuyers don’t do before closing the deal.

👀 Al Capone’s Island. The luxe property on Al Capone’s man-made island could be yours for just $24M.  

👀 Estate tour. James Harris and David Parnes’ new Pacific Palisades listing is an airy-white wonder.

💡Guess who’s back. Check out the brand new trailer for Million Dollar Listing LA, Season 15. 

💡Second home slip. Why second mortgages are so 2021.  

WHAT’S NEW FROM ESTATE MEDIA

Home Prices Get political

In a study by Housing Performance and the Electorate, which analyzed home prices and election results by county over the past six election cycles, the authors found a surprising link between price fluctuations and voting preferences. Watch this week’s episode of Let’s Get To The Point with agent and host Jeffrey St. Arromand for a deep dive into why home prices drive vote-switching, plus four can’t-miss real estate headlines from the past week.

Luxurious Victor Hugo Penthouse

Nestled in the distinguished 16th arrondissement of Paris, this posh penthouse features cozy living spaces and a spacious 50m2 (538 square foot) terrace with spectacular city views. Equipped with modern amenities like a gourmet kitchen and high-end finishes throughout, plus a security entry and concierge services, this top-floor suite is designed for top-of-the-line living in The City of Love.

estate-elegance.beehiiv.com/p/luxurious-victor-hugo-penthouse

Like what you see? Reach out to listing agent Toby Corban to learn more and schedule your tour.

ESTATE MEDIA NEWSLETTERS

Our full lineup of real estate reads:

Estate Elegance. Your daily dive into luxury real estate. Everyday.

Homes.tastrophes. Unique, weird, and wild real estate. Every Monday

The Glennda Gazette. Real estate, real life, in real time. Every Wednesday.

WAS the Newsletter. Explore interior design advice and inspiration. Every Friday.

The Blueprint. Stay up-to-date on the world of residential real estate. Powered by James Harris & David Parnes. Every Tuesday and Friday.

With 156M unique monthly visitors, Homes.com is becoming the home search tool to beat. As proud partners of Homes.com—which just doubled the amount of traffic seen on platforms like Realtor.com—we’re thrilled to be aligned with the tool empowering agents and clients throughout every stage of the transaction process. If you’re not already on it, check out Homes Pro today, and bookmark your new favorite business tool.

Before we go…

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