Part of the fun of Halloween is dressing up your home with the spookiest decor and doling out candy for eager trick-or-treaters. But what happens if someone walks through your yard on Halloween night and gets injured? It’s an unfortunate but realistic scenario that can have a number of consequences for homeowners. Worst-case—and scariest—scenario? Someone brings a lawsuit claiming that a trick-or treater got injured on your property. Would you be liable for this claim?
Under the law, if a porch light is on, trick-or-treaters are considered to be invited visitors, and it is a homeowner’s responsibility to have a property free of hazards. If anyone who enters your property on Halloween night gets injured, most homeowners insurance policies will cover minor injuries.
However, homeowners could be liable if trick-or-treaters are injured on their property if it can be proven that they were negligent in causing or contributing to that injury, says Jared B. Staver of Staver Accident Injury Lawyers, in Chicago.
For example, he says, a large crack in your walkway would be hard for someone to see in the dark. If a person tripped and broke a bone, he may claim you were negligent for not posting a warning sign and bringing attention to the crack.
“There is a reasonable expectation that you will receive visitors on Halloween. As a result, taking a few precautions will help guarantee the safety of trick-or-treaters and protect the homeowner,” says Christopher Layton of the Layton Law Firm, in Charlotte, NC.
To ensure a happy—and hazard-free—Halloween for all, here are some important questions homeowners should ask themselves before the trick-or-treaters come around.
Is the outdoors well-lit?
Make sure outdoor lights are bright and your yard is well-lit for little ghosts and goblins. Motion sensors are a good way to illuminate the house.
“Walkways should have lighting, and porches should be illuminated. If there are any danger zones, they should be well-marked and indicated with lighting as well,” says Staver.
Glow-in-the-dark or solar lighting is often not enough for late-night Halloween adventures, he cautions. Homeowners should instead invest in high-powered wattage.
Also, avoid using real candles in carved pumpkins or paper lanterns, since they are a fire hazard. Instead, opt for faux candles with LED bulbs.
Are there any tripping hazards?
It’s a good idea for homeowners to consider how children will enter and exit their property, says attorney Robert Fisher Jr., a partner at Edgar Snyder & Associates, in Pittsburgh.
“There’s a good chance that kids won’t always use your walkway, come to the door, grab the candy, go back down the walkway, and then enter the sidewalk in a direct path. It is more likely they will cut through the yard and use shortcuts. Keep your yard clear, and mark any potential hazards,” he advises.
This means fixing loose bricks and or cracks on pathways, or at least pointing them out with a sign, so kids won’t trip on them.
Scott Holeman, a spokesman for theInsurance Information Institute in New York, also recommends removing any leaves or branches from the path to your home.
More elaborate decorations like inflatables may require electricity, which means you will have to run an extension cord through your yard. It’s best to keep these tripping hazards as far away from walkways as possible and make it clear that trick-or-treaters should stay on the walkways. You can do this with a makeshift fence or luminary bags with LED lights.
To eliminate the need for trick-or-treaters to even walk through your yard, Layton suggests setting up a table at the end of your driveway and handing out candy from there.
“This saves the eager kids a long walk up to the front door, and helps the homeowner by reducing the potential for injuries on the property,” says Layton.
Are my decorations intended to scare people or make them jump?
We don’t blame you for wanting to go all-out when decorating for Halloween, but to minimize the potential for injury, it’s probably wise to go easy on the scary special effects. These can cause jump scares and could result in someone tripping and falling. Strobe lights and fog machines, two popular features used in elaborate Halloween decorations, also have the potential to cause problems like seizures and asthma attacks.
Are the steps to my home unobstructed and slip-resistant?
Remove plants and other objects from your steps. If the weather report says it could be a rainy night, apply friction tape to the steps to make them less slippery. And if you experience an early freeze, make sure to have ice-melt on hand to de-ice your steps.
Are pets secured out of the way?
Even the most well-behaved pets can be unpredictable and react to harmless trick-or-treaters. That’s why it’s best to keep your pets indoors.
“If you have pets, you should keep them in a separate room from the entry. With heavy activity, they could become frightened. To avoid potential bites or pet escapes, it is recommended that they be confined to another area in your home,” says Holeman.
It’s worth noting that if a dog bites a visitor, the homeowner is generally liable for the incident, according to Staver.
“Many homeowners insurance policies have dog bite clauses and cover these situations as long as the homeowner revealed that they owned a dog when obtaining the policy,” he says.
Should I skip the homemade treats?
If you are giving out homemade candies, cookies, or other treats, you may be liable for injuries due to illnesses such as allergic reactions to peanuts.
Layton says despite the loving care that goes into homemade treats, Halloween is not the right time for them.
“Kids will go home with so much candy, and if they are injured by any of it, you, the homeowner, want to be able to simply point to the manufacturer of the treat, rather than be singled out as the person who gave out the handmade treats,” says Layton.
Although your homeowners policy covers injuries on your property such as slip and fall, it likely won’t cover a food-related illness. Bottom line: Stick to store-bought candy.
🍁🎃👻 Look no further if you’re planning a Halloween party or fall festival and in need of some hilarious Halloween games that are great for all ages?!
If your goal is to sell your house in 2025, now’s the time to start prepping. Even though it might seem like there’s plenty of time between now and the new year, you should get a head start on any updates or repairs you want to make now. As Danielle Hale, Chief Economist at Realtor.com, says:
“ . . . now is the time to start thinking about what you need for your next home and then taking those steps to prepare to list . . . We have survey data that says 47 percent of sellers are taking longer than a month to get their home ready to sell, so getting them to start that process early can mean more flexibility.”
By starting your prep work early, you’ll give yourself plenty of time to get your house market-ready by the end of the year. But be sure to partner with a great agent before you get started, so you have expert insight into what repairs are worth it based on your local market.
Why Starting Early Is Key
To get the best price and sell quickly, it’s important that your home looks its best. And that means it’s up to you to make the necessary repairs, declutter, and even consider updates that could add value as part of getting your house ready to list.
By starting now, you can tackle things one task at a time. Whether it’s fixing that leaky faucet, refreshing your landscaping, or painting a room, getting an early start gives you the flexibility to do the job right and with as little stress as possible. Because, if you wait to knock items off your list later on, they could quickly stack up and get overwhelming. As Realtor.comexplains:
“There are some important repairs to make before selling a house, so don’t be in too much of a hurry to get your home listed … if you move too fast, buyers see right through the fact that you skipped important home renovations. And this . . . might end up costing you time and money.”
What Should You Focus On?
Feeling motivated to start chipping away at that to-do list, but not sure where to start? Here’s a look at the most common improvements other sellers are making today (see graph below):
The Importance of Working with a Local Agent
And while that data gives you a starting point, it shouldn’t be seen as a comprehensive list. What buyers want in your area may be different, and only a local agent will have this in-depth understanding.
For example, if homes in your area are selling quickly with updated kitchens, your agent might suggest focusing on minor kitchen improvements rather than spending money on other areas that won’t offer as much return. They’ll also help you figure out if tackling larger projects, such as replacing your roof or upgrading your HVAC system, is worth it based on other recently sold homes. As Point says:
“Not all renovations are created equal, and focusing on upgrades that offer the highest potential for increasing your home’s value is key.”
And remember, it’s not just big-ticket items that can have an impact. Your agent will also speak to some of the smaller details – like cleaning up your yard, adding fresh mulch, or painting your front door – to make a real difference in how buyers feel about your home. This type of expert eye is crucial to help your house sell fast and for top dollar.
Bottom Line
Thinking of selling your house next year? Don’t wait until the last minute to get it ready. By getting a head start now, you can ensure everything is in place by the time the new year rolls around.
Need advice on what to tackle first? Connect with a CA Real Estate Group agent.
Helps you use less water by providing you with controllers runtime recommendations for normal conditions or for drought response. This calculator tool provides weather base schedules for the percent adjust feature or weekly schedules for every month of the year. A unique added feature is the ability to create a landscape site map to show where each irrigation zone waters.
The Municipal Water District of Orange County (MWDOC) and your local water agency have compiled a variety of water use efficiency resources to help commercial, industrial, and institutional customers save water.
Fall is here and that means care for your lawn and garden will differ greatly from the spring and summer months. As colder temperatures roll in, it may be time to start prioritizing other gardening tasks and stop others like mowing your lawn.
Luckily, gardening pros are here to set the record straight on when you should officially stop mowing your lawn, read on for more information.
Why Mowing Your Lawn Is Important
Mowing your lawn isn’t just for superficial reasons or to be the best looking lawn on the block. Mowing your lawn properly and frequently will help keep your grass at the right height, allowing nutrient absorption and deep root growth. It also helps prevent any insect damage and diseases in your yard.
More so, mowing your lawn helps tremendously with weed control, so pesky weeds don’t take over your beloved yard during the spring and summertime. But, do you have to continue mowing your lawn when the temperatures plummet? And what is the exact timeline for that?
Why You Should Stop Mowing Your Lawn
Most experts say that your lawn usually needs to be kept at a height of 2 ½ to 3 inches all year long. But, because grass and other plants grow at a much slower pace when the leaves start to fall and temperatures go from 70 degrees to around 50 degrees, many lawn experts agree that mowing your lawn is unnecessary.
The Ideal Timeline
So now to the bigger question: what is the perfect or ideal timeline for mowing your lawn, and when should you stop taking care of your grass? Although there is no “perfect” timeline, it’s suggested by experts to continue to mow your grass until you notice it not growing as rapidly. This will likely be around late October or early November when the temperatures drop below 50 degrees. But, it depends entirely on where you live. For some climates, you can continue to mow your lawn until early December.
Mowing your lawn prior to temperatures plummeting has been commonly suggested in the past as a way of reducing spring damage from snow molds and voles. However, cutting your grass too short will cause more of a stress to the grass than what your lawn will experience from diseases or animals.
If your usual mowing height for your lawn is 2.5 to 3 inches, experts at the University of Minnesota suggest keeping it exactly there. But, if the preferred height of your lawn is 3+ inches, then they would recommend bringing it down to 3 inches before winter (again this could be late October or early December depending on where you live).
Remember that your lawn will go into dormancy once temperatures get too cold, but don’t fret—your lawn and nature know what it’s doing. It will come out of dormancy once the air and soil temperatures rise come spring.
Wicker baskets may look cute, but are they functional?
From the bedroom closet and inside kitchen cabinets to your kids’ playroom, keeping the house organized isn’t easy. We typically rely on organizers to tame clutter, whether it be shelves for books and baskets, hooks for hanging jackets or categorized bins for toys. But, not all storage solutions are created equal — turns out, there are some items professional organizers always avoid.
Not-so-helpful items, like excessively heavy containers or wooden hangers, can actually thwart your organizing efforts. Before investing in any storage essentials, consider these products professional organizers would encourage you to ditch forever.
1. “Pretty” storage solutions
“When it comes to storage, I avoid solutions that sacrifice function for form. This includes tapered bins that waste precious shelf space, wicker baskets that snag clothes and excessively heavy or super fragile containers. I like to think of storage solutions like an empty suitcase — if it’s heavy or overly complicated before you even pack, it’s not going to do anything but create more burden. I steer clear of oversized containers that become clutter magnets, like large toy chests.” — Laura Kinsella, founder of Urban Organyze.
2. Shelves that can’t adjust
“I stay away from shelving units and cupboards without adjustable shelves. The items people want to store vary in size and height, so the shelves need to be adaptable.” — Julie Stobbe of Mind Over Clutter
3. Organizers with a niche purpose
“If a company went out of their way to create something to fill a niche, I avoid it, as I find that most people never organize that way — we crave basic ways to get organized, like drawers, shelves and cabinets. Think hanging closet shelves, over-the-door organizing pockets, vacuum storage bags — any targeted, customized storage solution.” — Maeve Richmond, founder of the organizing coaching service Maeve’s Method
4. Toy organizers with tilted bins
“I’m not a fan of any kid’s storage shelf that holds between nine and 12 bins that sit on a slant. It seems like a good idea so children can see into the bins, but the bins are small and because they’re on a slant, toys fall onto the floor.” — Julie Stobbe
5. Stacked plastic drawers
“These may be cheap, but they just don’t last; I always find that they break. They also get dirty very easily, and can be difficult to open. The ease of your organizers is the most important factor for sticking with your system. Invest in sturdier drawers instead.” — Rachel Rosenthal, professional organizer at Rachel and Company
6. Free-standing coat racks
“A coat rack is a monster that just keeps growing. Instead, hang just a couple hooks, and store other coats, scarves and hats out of sight. Your entryway will thank you for slaying this beast.” — Jeni Aron, the Clutter Cowgirl
7. Bed frames with built-in drawers
“I find the drawer space to be limiting, and when the bed is pushed into a corner, you lose half the storage. Instead, use bed risers to create a helpful place for suitcases and bins of seasonal clothing.” — Amelia Meena, founder and professional organizer at Appleshine
8. Over-the-toilet shelving units
“If it’s your only option, fine. But I much prefer a floating shelf with attractive baskets on an opposite wall away from the commode. There’s a slimmer chance of something jumping overboard.” — Jeni Aron
9. Wooden hangers
“People choose these because they look pretty, but I hardly ever use them for everyday items. They’re so bulky, and clothes tend to slip off easily. I use slim felt-covered hangers instead, which take up much less space and keep clothes secure.” — Rachel Rosenthal
10. Label makers
“There’s a time and place for label makers, but that’s usually not at home. I’m not saying that labels are terrible, but it’s often unnecessary to use yet another electronic device (which you’ll have to store) to make them. Instead, write labels by hand. This will help you better remember where you’ve stored things, and handwriting is much more pleasing and personal than a printed sticker.” — Marla Kabashima, professional organizer
11. Stacked desk trays
“Thanks to computers and our increasingly paper-free lifestyle, there is less need for organizers that hold stacks of mail or tons of office supplies. I often see people with desk stackers stuffed with items they haven’t used in years. Let the stack go, and replace it with a simple tray or bowl for the few things you do use.” — Maeve Richmond
If you’ve been keeping an eye on the housing market over the past couple of years, you know sellers have had the upper hand. But is that going to shift now that inventory is growing? Here’s a breakdown of what you need to know.
What Is a Balanced Market?
A balanced market is generally defined as a market with about a five-to-seven-month supply of homes available for sale. In this type of market, neither buyers nor sellers have a clear advantage. Prices tend to stabilize, and there’s a healthier number of homes to choose from. And after many years when sellers had all the leverage, a more balanced market would be a welcome sight for people looking to move. The question is – is that really where the market is headed?
After starting the year with a three-month supply of homes nationally, inventory has increased to four months. That may not sound like a lot, but it means the market is getting closer to balanced – even though it’s not quite there yet. It’s important to note this increase in inventory is not leading to an oversupply that would cause a crash. Even with the growth lately, there’s still nowhere near enough supply for that to happen.
The graph below uses data from the National Association of Realtors (NAR) to give you an idea of where inventory has been in the past, and where it’s at today:
For now, this is still seller’s market territory – it’s just not as frenzied of a seller’s market as it’s been over the past few years. As Mark Fleming, Chief Economist at First American, says:
“The faster housing supply increases, the more affordability improves and the strength of a seller’s market wanes.”
What This Means for You and Your Move
Here’s how this shift impacts you and the market conditions you’ll face when you move. Lawrence Yun, Chief Economist at NAR, explains:
“Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.”
The graphs below use the latest data from NAR and Realtor.com to help show examples of these changes:
Homes Are Sitting on the Market Longer: Since more homes are on the market, they’re not selling quite as fast. For buyers, this means you may have more time to find the right home. For sellers, it’s important to price your house right if you want it to sell. If you don’t, buyers might choose better-priced options.
Sellers Are Receiving Fewer Offers: As a seller, you might need to be more flexible and willing to compromise on price or terms to close the deal. For buyers, you could start to face less intense competition since you have more options to choose from.
Fewer Buyers Are Waiving Inspections: As a buyer, you have more negotiation power now. And that’s why fewer buyers are waiving inspections. For sellers, this means you need to be ready to negotiate and address repair requests to keep the sale moving forward.
How a Real Estate Agent Can Help
But this is just the national picture. The type of market you’re in is going to vary a lot based on how much inventory is available. So, lean on a local real estate agent for insight into how your area stacks up.
Whether you’re buying or selling, understanding how the market is changing gives you a big advantage. Your agent has the latest data and local insights, so you know exactly what’s happening and how to navigate it.
Bottom Line
The real estate market is always changing, and it’s important to stay informed. Whether you’re buying or selling, understanding this shift toward a balanced market can help. If you have any questions or need expert advice, don’t hesitate to reach out to CA Real Estate Group.
This fall, seasonal decorating is all about simple updates. Enhance your home through a mix of artisanal additions, heirloom pieces, and connections to nature. Color and texture, including rich jewel tones and cheerful doses of blues, yellows, and greens, will also be used with significant impact to lift spirits and offer tactile moments while cozying up at home. Here are the top 2024 fall decorating trends, according to interior designers and industry experts.
Jeff Herr
1. Showcase Heirlooms
“We’re seeing shoppers enter their ‘heirloom era’ this fall, a trend that represents different ways to bring retro and inherently unique items to homes and wardrobes,” says Etsy trend expert Dayna Isom Johnson. This fall decorating style is all about antique vases, rocking chairs, candlestick holders, embroidered pillows, and even old books.
It’s easy to personalize this trend with inherited pieces, but there are fun possibilities for creating special moments with new fall decor, too. Johnson highlights handmade treasures like customized cutting boards showcasing handwritten recipes, while Pottery Barn suggests an Americana look achieved through table linens and bedding.
Julie Soefer
2. Add Artisanal Elements to Your Table
“Artisanal textures and antiques are a long-lasting trend we’ve seen this year, encouraging the purchase and use of handmade and quality items from an era where craftsmanship was held in high regard,” says Brittany Zimmerman of Bleu Bee Designs. “You can incorporate these trends seamlessly by creating a fall tablescape using a collection of antique or vintage brass candlesticks scattered around textured artisanal trays made of copper, plaster or terracotta, which adds a cozy and handmade texture to your tabletop.”
This year, Pinterest identified coffee stations as the new bar cart with their Cafécore trend. Part of elevating the café aesthetic at home is incorporating sculptural and tactile mugs that offer an artisanal look and hand-hewn feel.
Adam Albright
3. Bring in Cheerful Colors
This year’s top trending paint colors have favored soothing earth tones and deep moody hues. And while these shades continue to be popular, Suzan Wemlinger of Suzan J Designs expects to see bright, bold pops of color uplifting interiors this fall. “Orange, turquoise, greens, blues, yellows will be out there,” says Wemlinger.
While smaller doses are expected, she says the colors may also start appearing in wallpaper and paint in addition to accessories like pillows and artwork. “I think that bright and bold is trending because people are yearning for happiness and feel-good vibes,” says Wemlinger. “These colors almost without question lighten one’s mood.”
Adam Albright
4. Let Nature Inspire Your Accessories
“From last year’s cottagecore to this summer’s ‘garden girl,’ the earthy decor and fashion trends inspired by the natural world will bleed into fall, this time in the form of ‘nature reborn’,” says Johnson.
According to Johnson, Etsy shoppers are looking to bring the outdoors in this season through accessories such as pinecones, dried fruit, and log candle holders, while wooden utensils offer a functional take on the trend.
Frontgate’s fall 2024 collection offers natural whimsy with pieces like novelty glass and gold decorative acorns and pomegranate-accented serveware.
Stephen Kent Johnson
5. Accent Botanicals with Jewel Tones
Biophilic design—which emphasizes creating harmony between your home and the world outside—remains a popular interior style after several years in the spotlight. Fall foliage and seasonal gourds are staples of fall decorating, and this fall Zimmerman expects to punctuate these looks with jewel-tone botanicals. “This includes sprinkling in mums in hues of cranberry and plum and rich, dark green magnolia stems and wreaths,” she says.
Crate & Barrel’s fall collection similarly promotes pairing jewel tones and botanical elements, featuring berries, eucalyptus leaves, and floral stems in bold burgundies.
🏡 5045 Twilight Canyon Rd 33F, Yorba Linda
🏡 2 bd | 2 ba | 1,252 SQ FT
———– OPEN HOUSE SCHEDULE:
🚩 SAT, SEP 28, 1:00-4:00 PM
🚩 SUN, SEP 29, 1:00-4:00 PM ———–
🌴 Welcome to the Hills Condominium Community in Yorba Linda. This unit is an end unit on the 2nd floor. Better views of the hills and trees from this unit from the balcony that is a wraparound connecting the living room, kitchen, and primary bedroom all with sliders to exit. Refurbished throughout with paint, carpet, redone counters and sinks and bathtubs and showers. Beautifully decorated for your visiting pleasure to give you great ideas when you are the buyer. New appliances in the kitchen include the stove, dishwasher, and microwave. This is a perfect home for somebody that likes to dine in or sit in the living room and enjoy the fireplace or venture outside onto the balcony. With high ceilings, this space seems to grow as you sit back and relax. With all the great amenities of a pool, spa, gym, tennis court and well as water and trash paid, why would you look anywhere else?
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See more photos of this gorgeous property here: https://carealestategroup.com/search/listing/5045-twilight-canyon-road-33f-yorba-linda-ca–PW24200003/
———–
Letty Luna @lettylunarealestate
Buyers Agent Realtor DRE # 02174000
(562) 879-4181 | letty@carealestategroup.com
———–
(Listing by Edie Israel [DRE#01399225] and Keller Williams Realty)
🏡 5015 Twilight Canyon Rd 36D, Yorba Linda
🏡 2 bd | 2 ba | 1,252 SQ FT
———–
OPEN HOUSE SCHEDULE:
🚩 SUN, SEP 29, 1:00-4:00 PM
———–
🌴 Here is your opportunity to get in on the ground floor for this special 2 bedroom and 2 bath condo in the Hills Condominium Community in Yorba Linda. Located at the back of the development gives you a better view of the hills. This unit has received a lot of love with paint, carpet, and redone kitchen counters as well as a new stove and microwave and dishwasher! Just sit down in your breakfast nook and enjoy the views to the hills, maybe feed the birds, or read a book. Walk out the slider from the kitchen and relax on the balcony. That same balcony is also accessible from the living room slider or the primary bedroom slider. At the end of the balcony is the laundry room. One full bath is a part of the master suite with a walk-in closet. The other bath has a shower and both bathrooms have had the counters, tub and shower refurbished. So many good things about the condo as it also has a dining room and a good-sized living room with a fireplace. The HOA is generous as it provides great amenities with the pool and spa area, and the gym, in addition to the tennis court. The HOA pays for the water and the trash and parking is accessible right outside your front door. ———–
See more photos of this gorgeous property here: https://carealestategroup.com/search/listing/5015-twilight-canyon-road-36d-yorba-linda-ca–PW24200010/
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Anaid Bautista @wealthwithanaid
Buyers Agent Realtor DRE # 02179675
(949) 391-8266 | anaid@carealestategroup.com
CA Real Estate Group | Caliber RE Group
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(Listing by Edie Israel [DRE#01399225] and Keller Williams Realty)
Lower mortgage rates and rising inventory are giving home buyers a window of opportunity at an unusual time of year. Lower mortgage rates have improved affordability significantly for home buyers, and competition among them could extend into the fall instead of fading away as is typical at this time of year.
Mortgage rate drops equate to serious savings
Mortgage rate declines have made buying a home “affordable” again at the national level (meaning monthly payments generally take less than one-third of median household income), assuming a buyer puts 20% down and before taxes and insurance are accounted for. Nationwide, the monthly payment on a typical home purchase has fallen by more than $100 since a peak in May. That drop is more than $300 a month in the ultraexpensive San Francisco metro area.
Lower rates also make it easier for buyers to qualify for a mortgage on more of the inventory listed in a given area, functionally increasing the choices available to them.
Home shoppers gain choices, bargaining power
Beyond lower costs, a number of metrics are moving in buyers’ favor. The Zillow market heat index shifted from being in favor of sellers into neutral territory in July. For the past two years, sellers held their edge nationally until October.
Homes are taking longer to sell than in recent history, but shorter than in pre-pandemic times. Homes that sold in August took 20 days to go pending, two more than in July, but about six days faster than at this time of year before the pandemic. And while inventory growth has slowed, nearly 1.18 million homes are on the market, more than any month since September 2020.
Added interest could extend summertime competition
Lower rates could stall or slow the cooldown in housing market activity that typically takes place this time of year, because right now buyers are more likely to be motivated by lower rates than sellers are.
Spring is normally the prime time to list because sellers often want to make sure they are in their new home before the school year and fall holidays start. Most homeowners (80%) are influenced to sell by life events, such as an addition to the family or a new job, and not necessarily by optimizing the mortgage rate on their next home, according to Zillow surveys.
Some signals are already pointing to an altered trajectory in the housing market. The share of listings on Zillow with a price cut ticked down from July to August, reversing an upward trend of rising every month since March. Just under 26% of homes on the market had a price cut in August. That’s relatively high for this time of year, but not a record, as seen in recent months.
Home values
This month, the typical home in the US was $362,143. The typical monthly mortgage payment, assuming 20% down, was $1,827. Lower mortgage rates pushed monthly mortgage costs down 3.4% from July to August.
Home values climbed month-over-month in 9 of the 50 largest metro areas in August. Gains were biggest in Buffalo (0.7%), New York (0.6%), Providence (0.4%), Hartford (0.3%), and Philadelphia (0.3%).
Home values fell, on a monthly basis, in 37 major metro areas. The largest monthly drops were in San Francisco (-1.3%), San Jose (-1.1%), Austin (-1%), Denver (-0.7%), and New Orleans (-0.6%).
Home values are up from year-ago levels in 44 of the 50 largest metro areas. Annual price gains are highest in San Jose (9.1%), Hartford (8%), Providence (7.1%), New York (7%), and San Diego (6.2%).
Home values are down from year-ago levels in 5 major metro areas. The largest drops were in New Orleans (-4.6%), Austin (-4.6%), San Antonio (-2.9%), Birmingham (-0.9%), and Dallas (-0.4%).
The typical mortgage payment is down 2.9% from last year and has increased by 103.8% since pre-pandemic.
Inventory & new listings
New listings decreased by 1.1% month-over-month in August.
New listings increased by 0.8% this month compared to last year.
New listings are 21.3% lower than pre-pandemic levels.
For-sale inventory (the number of listings active at any time during the month) in August increased by 0.2% from last month.
There were 22.1% more for-sale listings active in August compared to last year.
Inventory levels are -30.8% lower than pre-pandemic levels for the month.
Price cuts & share sold above list
25.9% of listings in August had a price cut, compared to 26.2% in July and 23.4% in August 2023.
33.4% of homes sold above their list price last month. That’s compared to 35.4% in June and 39.1% in July of 2023.
Newly Pending Sales
Newly pending listings decreased by 5% in August from the prior month.
Newly pending listings decreased by 2.9% from last year.
Median days to pending, the typical time since initial list date for homes that went under contract in a month, is at 20 days in August, up 2 days since last month.
Median days to pending increased by 7 days from last year.
Market Heat Index
Zillow’s market heat index shows the nation is currently a neutral market.
The strongest seller’s markets in the country are Buffalo, Hartford, San Jose, Boston, and New York.
The strongest buyer’s markets in the country are New Orleans, Miami, Jacksonville, Austin, and Tampa.
Rents
Asking rents increased by 0.2% month-over-month in August. The pre-pandemic average for this time of year is 0.4%.
Rents are now up 3.4% from last year.
Rents fell, on a monthly basis, in 2 major metro areas – Austin (-0.4%) and Boston (-0.1%).
Rents are up from year-ago levels in 49 of the 50 largest metro areas. Annual rent increases are highest in Hartford (7.7%), Cleveland (7.2%), Louisville (7.1%), Richmond (6.8%), and Virginia Beach (6.6%).
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The Importance of Working with a Local Agent
Homes Are Sitting on the Market Longer: Since more homes are on the market, they’re not selling quite as fast. For buyers, this means you may have more time to find the right home. For sellers, it’s important to :strip_icc():format(webp)/Meredith.Modern.Farmhouse.Style.Jungmeyer_16_preview-c6a49346e0a14271b1d96d592993f437.jpg)
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