US Existing-Home Sales Fall for a Second Straight Month as High Rates Continue to Weigh on the Market
đ Existing-home sales fell 1.7% month over month in July to an annualized rate of 4.06 million units, broadly in line with expectations of 4.05 million and still 0.7% higher than a year earlier.
đ The median home price rose 2.0% YoY to $434,100, marking the 37th consecutive month of annual price gains. Inventory declined to 1.54 million units, equal to 4.6 months of supply, continuing to limit significant downward pressure on prices.
đ„ First-time buyers accounted for 29% of sales, down from 33% in June, indicating that elevated borrowing costs are putting greater pressure on rate-sensitive buyers.
đ The 30-year mortgage rate around 6.69% remains a key constraint. The US housing market appears stable but restrained by high financing costs, while upcoming CPI data will be important for the outlook on interest rates and housing demand.
#USHousing
$USDT $USDC $USDS
đ Existing-home sales fell 1.7% month over month in July to an annualized rate of 4.06 million units, broadly in line with expectations of 4.05 million and still 0.7% higher than a year earlier.
đ The median home price rose 2.0% YoY to $434,100, marking the 37th consecutive month of annual price gains. Inventory declined to 1.54 million units, equal to 4.6 months of supply, continuing to limit significant downward pressure on prices.
đ„ First-time buyers accounted for 29% of sales, down from 33% in June, indicating that elevated borrowing costs are putting greater pressure on rate-sensitive buyers.
đ The 30-year mortgage rate around 6.69% remains a key constraint. The US housing market appears stable but restrained by high financing costs, while upcoming CPI data will be important for the outlook on interest rates and housing demand.
#USHousing
$USDT $USDC $USDS