- Prior month 4.03M revised to 4.04M
- Existing home sales 3.93M vs 4.00M estimate
- Existing home sale -2.7% vs +1.0% last month
- Inventory of homes 1.53 million units/4.7 months worth. Six months is considered balance
- Median home price for existing homes at record high $435,300.
- Median home prices up 2% from June 2024
- The report is based on closing. The 30 year fixed mortgage is currently at 6.77%
- Time on market 27 days versus 22 days
- First-time buyers 30% versus 40% historically
- All cash sales 29% of sales.
According to NAR Chief Economist Lawrence Yun,
“Multiple years of undersupply are driving the record high home price. Home construction continues to lag population growth. This is holding back first-time home buyers from entering the market. More supply is needed to increase the share of first-time homebuyers in the coming years even though some markets appear to have a temporary oversupply at the moment.”
This article was written by Greg Michalowski at investinglive.com.