Existing-home sales decreased by 2.7% in June, with month-over-month declines in the Northeast, Midwest, and South, and a modest rise in the West. The median home price hit a record high of $435,300, showing a 2% increase from last year. The National Association of Realtors Chief Economist, Lawrence Yun, attributes this to years of undersupply. High mortgage rates are keeping sales at cyclical lows. However, if rates drop to 6%, an additional 160,000 renters could become first-time homeowners, boosting sales activity. The NAR emphasizes the need for more supply to support first-time buyers and promote economic growth. Local MLS data is the most accurate source of sales and price information in specific areas. NAR’s Pending Home Sales Index for June will be released July 30, and Existing-Home Sales for July will be released August 21 at 10 a.m. Eastern. Existing-home sales are based on transaction closings from Multiple Listing Services, accounting for over 90% of total home sales. The median price is where half sold for more and half sold for less, providing a more typical market condition than average prices. Distressed sales, days on market, first-time buyers, all-cash transactions, and investors are monitored in NAR’s REALTORS® Confidence Index. 1. The stock market reached record highs today, with the S&P 500 closing at 4,500 points for the first time ever. This milestone comes as investors are optimistic about strong corporate earnings and a recovering economy.
2. A new study has found that over 70% of Americans have received at least one dose of the COVID-19 vaccine. This is a significant milestone in the fight against the pandemic, but health officials are urging the public to continue following safety guidelines to prevent the spread of the virus.
3. In sports news, Simone Biles has withdrawn from the individual all-around gymnastics competition at the Tokyo Olympics. The decision comes after Biles withdrew from the team competition earlier this week, citing mental health concerns. Biles’ decision has sparked a conversation about the importance of mental health in sports.
Read more at – Tesla reports record profits in Q3
– CNBC
– Facebook announces plans to rebrand as Meta
– Wall Street Journal
– Apple unveils new line of MacBooks with M1 Pro and M1 Max chips
– Reuters
– Federal Reserve raises interest rates for first time in over a year
– CBS MarketWatch
– Amazon Prime Day sales surpass $11 billion
– Barchart: NAR Existing-Home Sales Report Shows 2.7% Decrease in June