Sales of existing homes broke a four-month slide in July. Prices continued their increase for the 13th straight month with the median national sales figure rising to $422,600. Easing inflation helped accelerate the decline in mortgage rates in mid-July and rates currently hover near 15-month low.
Despite the modest gain, home sales are still sluggish, but consumers are seeing more choices, and affordability is improving due to lower interest rates. One result of the slight easing of mortgage rates has been an increase in inventory of homes for sale. This is a glimmer of hope and not a turnaround. Home sales remain weak. Hopefully the signs of lower mortgage rates bring more potential sellers off the sidelines.
If the Fed cuts the rates as anticipated in September, fall may be the best time of the year to buy or sell a house in 2024.
Recent Comments