U.S. existing homes fall 1.7% in July as record prices, high mortgage rates stifle would be-buyers
Summary
Sales of used homes in the U.S. dropped by 1.7% in July compared to June, mainly because home prices and mortgage rates are very high. Despite the drop, sales were slightly higher than last year, but homes remain very expensive and hard to find.Key Facts
- Existing home sales fell 1.7% in July to a seasonally adjusted annual rate of 4.06 million units.
- The median price of existing homes rose 2% from last year to $434,100 in July.
- Mortgage rates for a 30-year fixed loan reached 6.69%, the highest in over a year.
- Home prices have increased every year for 37 months in a row.
- The number of homes for sale in July was 1.54 million, below the pre-pandemic typical 2 million.
- At July's sales pace, there is about a 4.6-month supply of homes, less than the 5-6 months considered balanced.
- First-time buyers made up 29% of home sales in July, lower than the usual 40%.
- The Northeast region saw prices rise 5.2% year-over-year due to low home inventory.
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