Saturday, May 31, 2025

Latest

US Existing Home Sales Dip 2.2% in July

In July, previously owned home sales saw a decrease of 2.2% to an annualized rate of 4.07 million units, marking the slowest July since 2010, the National Association of Realtors (NAR) reported.

The latest figure marks a 16.6% drop from the sales levels witnessed a year ago, with factors behind the decline including mortgage rate increases to over 7% and a constrained housing supply, which is now at its lowest since 1999.

At July’s end, there were only 1.11 million homes available— 50% less than pre-Covid levels, which is equivalent to a 3.3-month supply. Historically, a balanced market typically has a six-month supply. This scarcity continues to heighten competition and inflate prices, with the median home price in July being $406,700— a 1.9% year-over-year increase.

The market still signals strong demand as three-quarters of sold homes were listed for under a month, with nearly a third selling above their list price. Danielle Hale of Realtor.com notes that homeowners are choosing to stay in their current homes, which is restricting available options. Notably, luxury homes priced over $1 million saw the smallest sales decline, likely due to their abundant supply.

Interestingly, first-time home buyers made up 30% of July sales, revealing a resurgence in their market participation, and a preference for Federal Housing Administration loans due to their minimal down payments.


Information for this story was found via NAR and the sources mentioned within the article. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

How To Profit From $3300 Gold? An Inside Look At A Massive 300,000 Oz Project | Martino De Ciccio

We’re At The Start of a Great Silver Boom | Ross McElroy & Andy Bowering – Apollo Silver Corp

Equinox Gold Q1 Earnings: When Everything Goes Wrong

Recommended

ESGold Begins Concentration Tests Ahead Of First Production

Sterling Metals Hits 0.21% Copper Over 482.8 Metres In First Drilling At Soo Copper project

Related News

Is The Office Tower Market Imploding?

The office tower market in various major U.S. cities is experiencing a significant decline, leaving...

Monday, November 6, 2023, 02:05:00 PM

Major Investments in Housing is the Only Way to Alleviate Canada’s Worsening Housing Crisis

Canada is confronting an escalating housing crisis. It’s not just statistics; the evidence is overwhelming—...

Wednesday, August 16, 2023, 06:13:00 AM

June Sees Slower Home Sales Growth Amid Bank of Canada’s Rate Hikes

In June, Canadian home sales experienced a 1.5% month-over-month increase as more properties were put...

Sunday, July 16, 2023, 07:08:00 AM

Rate Hike Effect: 1 In 3 Mortgage Owners Believe They’ll Have To Sell In 10 Months

According to a new Yahoo Canada/Maru Public Opinion poll, one-third (35%) of homeowners with a...

Saturday, February 4, 2023, 09:00:00 AM

US Mortgage Rates Back at 7%, Gap Between Cost To Buy Or Rent A House Hits New Record

Mortgage rates in the United States have surged back up to 7% for the 30-year...

Tuesday, May 23, 2023, 10:14:08 AM