Existing-home sales increased 2% in July, signaling improved market activity. The median sales price rose slightly, but price growth was the slowest since early 2023, suggesting greater balance between supply and demand. Home-price trajectories varied regionally, with declines in the West and South and gains in the Midwest and Northeast. Cash buyers comprised 31% of transactions, while first-time buyers made up 28% of sales. Inventory levels continued to climb, though at a more moderate pace, pointing toward an approaching market equilibrium. Falling mortgage rates, possibly driven by expectations of a Federal Reserve rate cut, supported stronger sales activity.
The housing market showed signs of improvement in July as existing-home sales experienced a 2% increase from the previous month. Despite a slight rise in the median sales price of existing homes, the growth was the slowest since early 2023, indicating a more balanced market, according to the National Association of Realtors. Regional variations in home prices were notable, with declines in the West and South but increases in the Midwest and Northeast.
Existing-home sales rose by 2% in July, signaling a potential shift in the housing market. Cash buyers increased to 31% of transactions, while first-time buyers lagged at 28%. Inventory levels continued to rise but at a more moderate pace, hinting at a market approaching equilibrium. Falling mortgage rates, potentially influenced by expectations of a Fed rate cut, contributed to the boost in sales activity.
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