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4.81 million existing homes were sold in July (SAAR), down 5.9% from June and down 20.2% from July 2021, according to the National Association of Realtors (NAR). Total housing inventory at the end of July amounted to 1,310,000 units, NAR said, up 4.8% from June and unchanged from one year ago. The median existing-home price …
Continue reading “July Existing Home Sales: Discouraged Buyers Lead to Continued Decline in Sales”
Mortgage rates increased last week, reversing direction after several weeks of declines. Comments from Federal Reserve members early in the week started moving interest rates higher, as they messaged that there is still much work to be done in taming inflation. Jobs data late in the week was much stronger than market expectations, a signal …
Continue reading “Mortgage Rates Increase as Markets Respond to Conflicting Economic Data”
Buying a home is a major life decision. That’s true whether you’re purchasing for the first time or selling your house to fuel a move. And if you’re planning to buy a home, you might be hearing about today’s shifting market and wondering what it means for you. While mortgage rates are higher than they were at the start of …