Here’s an informative and concise update on the current state of real estate! Should Market Minute be a new thing? I think it should! Let me know what you think in the comments.
- Existing-home sales were 1.3% higher in July than in June (first uptick in 4 months)
- Sales down 2.5% when compared to this time last year
- 30-year fixed-rate mortgage down to 6.39% on average, improving affordability
- Housing inventory up nearly 20% year over year, giving buyers more options
- Average days homes remain on market is 24
- Home prices remain strong with the median existing-home price up 4.2% from a year ago
- Existing condo and co-op sales down nearly 12%, largely due to maintenance and insurance costs
- Despite challenges, first-time homebuyers accounted for 29% of sales in July
- 27% of July sales were all-cash buyers, made up of investors and second-home purchasers
More news here!
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