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The Cost of Waiting

by Team Farnham

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In April 2024, the median home price reached $469,000, up $4,000 from the previous month and $39,000 from the beginning of the year. This marks a 5% increase since January and a 1% increase month over month.
 
Year over year, home prices are up by 9%. Single-family home sales have increased by 19% compared to April of the previous year, indicating a highly active market. Inventory is low at 1.6 months, leading to multiple offers and favorable outcomes for sellers.
 
With demand outpacing supply, home prices are expected to continue rising throughout the spring and summer. Waiting to buy could incur significant costs, so seeking guidance in navigating the market is advisable.

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