Housing Market Slump Deepens as Listings Jump to Multi-Year Highs
TL;DR
July existing single-family home sales fell 1.9% to a 3.69 million annual pace, pushing the market deeper into a slump as inventory rose to 4.6 months—the highest since 2016—while condo supply reached a 14-year high. Mortgage rates sit around 6.69% amid persistent inflation, dampening demand even as the national median price rose 1.9% year over year to $440,300 and regional prices showed wide variation.
- Sales of Existing Single-Family Homes Sink Deeper into Mud, Supply Jumps to 10-Year High, Condo Supply at 14-Year High Wolf Street
- Home sales slipped again in July as rising mortgage rates discouraged buyers Yahoo Finance
- A Sharp Decline in Lumber Futures Foretold July's Weak Home Sales WSJ
- US existing homes fall 1.7% in July as record prices, high mortgage rates stifle would be-buyers apnews.com
- NAR Existing-Home Sales Report Shows 1.7% Decrease in July National Association of REALTORS®
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