US existing homes fall 1.7% in July as record prices, high mortgage rates stifle would be-buyers
Record prices and a 6.69% 30-year mortgage rate slowed demand as sales slipped to a 4.06 million annual pace, the National Association of Realtors said.
- Sales of previously occupied U.S. homes declined by 1.7% in July from June to a seasonally adjusted annual rate of 4.06 million units, as reported by the National Association of Realtors.
- Existing home sales in July increased 0.7% compared to the same month a year earlier.
- The U.S. median sales price for existing homes rose 2% year-over-year to $434,100 in July.
- Mortgage rates for the 30-year fixed-rate loan reached 6.69%, the highest level in over a year, according to Freddie Mac.
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96 Articles
Inventory is down year over year, but months of supply says the market is functioning
Housing inventory is down year over year, and price growth stands at 2.0% per the NAR existing home sales report. That combination might seem bad for affordability, but the truth is housing inventory is back at a healthy level, with price growth still in check and below wage growth, which ran at 3.2% in the July jobs report. Also, housing inventory is only down a smidge year over year, but today I want to highlight why that is important going fo…
An economist flags a worrying sign of 'cracking' home prices with parallels to the 2008 meltdown
carlofranco/Getty ImagesDavid Rosenberg sees a crisis-era parallel flashing in the housing market.The veteran economist pointed to slowing sales of existing home sales. He said measures of home prices are "cracking," even as inflation fears persist. The US housing market by many measures is stuck in the mud, and fresh data suggests an alarming parallel to the run-up to the 2008 crash. David Rosenberg, a veteran economist and the founder of Rosen…
US Existing Home Sales Fall As Prices And Mortgage Rates Rise
Sales of previously owned homes in the United States fell 1.7% in July from the previous month, reaching a seasonally adjusted annual rate of 4.06 million units. The decline highlights continued pressure on buyers facing elevated home prices and borrowing costs.According to the report, the median price of an existing home increased 2% from a year earlier to $434,100 in July. 💡At the same time, the average rate on a 30-year fixed mortgage rose t…
InsideNoVA.com
The Center SquareHome sales slip in July as prices climb for 37th month
(The Center Square) – U.S. existing-home sales fell 1.7% in July to a seasonally adjusted annual rate of 4.06 million even as prices climbed again, according to the National Association of Realtors.
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