From CNBC: 2024-08-22 12:18:44

Closed sales of previously owned homes increased by 1.3% in July to a rate of 3.95 million units, the first gain in five months. Sales were 2.5% lower year over year, with the biggest gains in the Northeast and flat sales in the Midwest. All-cash offers accounted for 27% of sales, up from the previous year.

Despite the increase in supply, home prices continued to rise, with the median existing home price at $442,600, up 4.2% from last year. First-time buyers made up 29% of sales in July, with affordability impacted by rising prices and mortgage rates. Demand is starting to pick up due to lower interest rates.

Lawrence Yun, the NAR’s chief economist, remains cautious despite the modest gain in home sales, citing increased choices and improved affordability due to lower interest rates. The supply of homes for sale increased in July, with a four-month supply at the current sales pace. Prices rose the most in the Northeast.



Read more at CNBC: July home sales break 4-month losing streak as supply rises nearly 20%