Overview
- The National Association of Realtors said Tuesday that existing‑home sales fell 1.7% in July to a seasonally adjusted annual rate of 4.06 million homes.
- The median resale price hit $434,100 in July, a 2.0% gain from a year earlier and the 37th straight month of year‑over‑year price increases.
- Unsold inventory shrank to about 1.54 million homes, equal to roughly a 4.6‑month supply, leaving the market tilted toward sellers compared with the 5–6 months typical of a balanced market.
- Freddie Mac reported the 30‑year fixed mortgage rate near 6.69%, its highest in roughly a year, and that rise has cut buyer power and pushed the share of first‑time buyers down to 29% from 33% in June.
- Economists say the market has been stuck near a roughly 4 million annual sales pace since 2022 and that a sustained drop in rates toward about 6% or a meaningful increase in listings would be the most likely triggers for broader recovery.