Existing home sales for July
- Prior month 4.16M
- Existing home sales for July 4.07M vs 4.15M estimate
- Sales are down -16.6% from a year ago
- Inventory of homes 3.3 months versus 3.1 months last month
- Supply of homes 1.11 billion at the end of July for an increase of 3.7% from the previous month.
- Northeast -5.9% MoM and down -23.8% from a year ago. Median price was $467,500 up 5.5% from a year ago
- Midwest -3.0% MoM and -20% from the previous year. The median price in the Midwest was 3 or $4600 up 3.9% from a year ago
- South -2.6% MoM and down -14.3% from a year ago. The median price in the South was $366,200 up 1.7% from a year ago.
- West +2.7% MoM and down -12.5% from a year ago. The median price was $610,500 unchanged from July 2022
Other details.
- Median sales price $406,700 versus $410.2 K last month. Prices rose in the Northeast, Midwest, and South and were unchanged in the West
- Median sales price is up 1.9% from a year ago
- 1st time buyers were responsible for 30% of the sales in July up from 27% in June and 29% in July
- All cash sales accounted for 26% of transactions in July. It was 24% in July 2022. Individual investors or second-home buyers who make up many cash sales purchased 16% of homes in July down from 18% in June but up from 14% one year ago
- Distressed sales – foreclosures and short sales – represented 1% of sales in July unchanged from the prior month and previous year
Mortgage rates are on the move to the upside. Reports yesterday and the 30 year mortgage rate near 7.4% which I think was the highest level since 2002. The higher prices and higher rates will certainly put a brake on the market. Just a week or so ago the 30 year mortgage was at 7.09%. The low for the year was at 6.08% back at the end of January 2023. A year ago the rate was near 5.13%.