Summary
The real estate market in the U.S. is showing signs of improvement after a period of slowdown. Sales of existing homes increased slightly in July, and more homes are available for sale. High mortgage rates and prices are still challenges for buyers.
Key Facts
- Home sales increased by 2% in July compared to the previous month.
- The National Association of Realtors estimates about 4 million homes will be sold in the U.S. this year, which is less than during the pandemic.
- Inventory is up, with 1.55 million homes for sale in July, 16% more than the previous year.
- Homes are taking longer to sell, averaging 28 days compared to 24 days a year earlier.
- Prices dropped in 33 out of the 50 largest metro areas, but the national median price is slightly up to $422,400.
- Mortgage rates are averaging about 6.6% for a 30-year loan, which impacts affordability.
- Refinancing activity has increased with recent slight declines in mortgage rates.
- Future mortgage rates depend on economic factors, including potential Federal Reserve decisions on interest rates.
