According to NAR, existing home sales rose 1.3% in July compared to June, although there was a 2.5% decline in year-over-year sales, reflecting market challenges.
First-time home buyers represented nearly 30% of sales in July, highlighting their vulnerability to shifts in interest rates and overall housing affordability in the market.
The median price for single-family homes reached $428,000, up 4.2% from the previous year, signifying ongoing price escalation even amidst fluctuating sales.
Three out of four U.S. regions saw sales increases in July, illustrating variability in market performance across the Northeast, West, and South.
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