According to the National Association of REALTORS®, existing home sales slipped in the month of July. Despite strong buyer demand, inventory and affordability concerns are bottlenecking the market. Once on the market, however, available homes are selling at near-record rates.
According to Freddie Mac, 30-year fixed rates ticked down from 3.96 percent to 3.86 percent. This rate remains well below the historical average of 8.90 percent.
The National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of approximately 5.44 million homes during the month of July. This was a decrease of 1.3 percent from June and an increase of 2.1 percent from July of last year.
The median home price decreased to $258,300 in July, which was down 1.9 percent from June and up 6.2 percent from July of last year. The median home price has increased by approximately $15,100 in the past year alone.
There was a 4.2-month supply of housing inventory in July, which was flat from June. The total number of available homes for sale has decreased by 12.5 percent compared to July of last year.
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