The Trader Harbor
  • Business
  • Politics
  • World News
  • Stocks
  • Business
  • Politics
  • World News
  • Stocks

The Trader Harbor

World News

July home sales break a four-month losing streak as supply rises nearly 20% over last year

by admin August 24, 2024
August 24, 2024
July home sales break a four-month losing streak as supply rises nearly 20% over last year

Closed sales of previously owned homes rose 1.3% in July compared with June to a seasonally adjusted, annualized rate of 3.95 million units, according to the National Association of Realtors. That was the first gain in five months.

Sales were 2.5% lower compared with the same time last year.

Sales saw the biggest gains in the Northeast and were flat in the Midwest. Prices also rose the most in the Northeast.

“Despite the modest gain, home sales are still sluggish,” said Lawrence Yun, NAR’s chief economist, in a release. “But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates.”

These sales are based on contracts that were likely signed in May and June, when mortgage rates were well over 7% on the popular 30-year fixed loan. Rates began dropping in July and are now hovering around 6.5%.

All-cash offers made up 27% of July sales, up from 26% the year before and far higher than the historical norm.

The supply of homes for sale continued to move higher in July. At the end of the month, there were 1.33 million homes on the market, an increase of 0.8% from June and 19.8% higher than in July 2023. At the current sales pace, that represents a four-month supply, slightly lower than it was in June.

The increase in supply did not, however, help to cool home prices. The median price of an existing home sold in July was $442,600, an increase of 4.2% year-over-year.

First-time buyers made up 29% of sales in July, unchanged from June but down from 30% in July 2023. Historically, these buyers make up closer to 40% of home sales, but affordability has been hit hard in the last two years due to fast-rising home prices and higher mortgage rates.

With rates now slightly lower, demand is starting to pick up. A separate report from Redfin, a real estate brokerage, found requests for tours and other buying services from Redfin agents rose 4% over the last week to its highest level in two months.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Walz’s family relied on Social Security when his father died. Many don’t know kids are eligible for benefits.
next post
Microsoft plans September cybersecurity event to discuss changes after CrowdStrike outage

Related Posts

Laid-off tech workers turn to LinkedIn, therapy and...

March 13, 2024

Southwest cuts growth plans, warning effect of Boeing...

April 26, 2024

Airbus could prioritize deliveries to non-U.S. customers if...

February 21, 2025

‘Moana 2’ tops $1 billion, extending Disney’s box...

January 22, 2025

U.S. economy grew at a 2.8% pace in...

July 26, 2024

Paramount and Skydance inch closer to a merger...

April 30, 2024

Do you buy packaged meat or bagged fruit...

April 9, 2024

Elon Musk and investors offering $97.4 billion for...

February 12, 2025

Red Lobster files for bankruptcy, but restaurants will...

May 21, 2024

Restaurants fight back against the FTC crackdown on...

August 27, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Bed Bath & Beyond relaunches with first store in Nashville, plans dozens more

      August 10, 2025
    • The Real Drivers of This Market: AI, Semis & Robotics

      August 10, 2025
    • S&P 500 Breaking Out Again: What This Means for Your Portfolio

      August 10, 2025
    • Sydney Sweeney jeans controversy making advertising great again

      August 10, 2025
    • Nagasaki mayor issues chilling warning on 80th anniversary of atomic bombing

      August 10, 2025
    • Kash Patel celebrates major FBI achievements and record seizures during Trump’s first 200 days in office

      August 10, 2025

    Categories

    • Business (1,330)
    • Politics (4,206)
    • Stocks (1,577)
    • Uncategorized (45)
    • World News (1,323)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheTraderHarbor, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thetraderharbor.com | All Rights Reserved