Existing Home Sales: Is the Market Shifting Toward Buyers?

Existing home sales fell in June, but the median sales price hit a record high as it had also done in May . The National Association of Realtors® said sales of previously owned single-family houses, townhouses, condominiums, and cooperative apartments receded by 5.4 percent compared both to May and sales in June 2023. Total sales were at a seasonally adjusted annual rate of 3.89 million units. Annual sales in the two earlier periods were at the rate of 4.11 million. Single-family home sales dropped 5.1 percent from May to a rate of 3.52 million in June and were 4.3 percent lower than a year earlier. The annual rate of existing condominium and co-op sales, estimated at 370,000 units, was 7.5 percent lower than the May number and 14 percent below the 430,000 sales posted a year earlier. [existinghomesdata] Home sales just missed the bottom of the range of forecasts from analysts polled by Econoday. Those estimates ranged from 3.90 million to 4.25 million with a consensus of 4.0 million. “We're seeing a slow shift from a seller's market to a buyer's market, ” said NAR Chief Economist Lawrence Yun. “Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.” Clearly, the shift to a buyers‘ market is not yet complete as prices continue to rise. The median sales price for all housing types in June was $426,900, an all-time high and an increase of 4.1 percent from the June 2023 median of $410,100. Single-family home prices were also up 4.1 percent to $432,700. The increase in condo prices was more modest, 2.6 percent, resulting in a median of $371,700. [existinghomeprices]

July 23, 2024 Download our Mobile App: Download our Mobile App: Housing News Existing Home Sales: Is the Market Shifting Toward Buyers? Existing home sales fell in June, but the median sales price hit a record high as it had also done in May . The National Association of Realtors® said sales of previously owned single-family houses, townhouses, condominiums, and cooperative apartmen... (read more) MBS Commentary Afternoon Weakness For Longer-Term Bonds. Are MBS in That Category? Afternoon Weakness For Longer-Term Bonds. Are MBS in That Category? It's easy to throw around general categories when discussing the bond market such as "longer" and "shorter" term (also seen as longer and sh... (read more) Mortgage Rate Watch Mortgage Rates Stay Boring, But For How Long? Spats of volatility in the mortgage rate world seem to last only a matter of hours recently and to occur only a few times on any given month. The rest of the time is spent drifting mostly sideways waiting for the next big shoe to drop. We've b... (read more) Rob Chrisman Life Event Tracking, Broker, Homebuyer Assistance, VOIE Products Before President Biden quit his reelection bid, markets had been pricing in a “Trump Trade.” This meant investors placing bets on a steeper yield curve and placing money into stock sectors that were most likely to benefit from a Trump Presidency. Tha... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.87% -0.02% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.87% -0.02 0.00 15 Yr. Fixed 6.32% -0.01 0.00 30 Yr. FHA 6.33% 0.00 0.00 30 Yr. Jumbo 7.05% 0.00 0.00 7/6 SOFR ARM 6.59% +0.01 0.00 30 Yr. VA 6.35% 0.00 0.00 Updates Daily - Last Update: 7/23 15 Yr. Fixed Rate 6.32% -0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 6.77% -0.12 0.00 15 Yr. Fixed 6.05% -0.12 0.00 Updates Weekly - Last Update: 7/18 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.00% -0.03 0.60 15 Yr. Fixed 6.63% +0.07 0.61 30 Yr. Jumbo 7.13% +0.02 0.38 Updates Weekly - Last Update: 7/10 MBS / Treasuries UMBS 30YR 5.5 99.38 -0.01 Price / Yield Change MBS UMBS 5.5 99.38 -0.01 UMBS 6.0 100.87 +0.03 GNMA 5.5 99.75 -0.03 GNMA 6.0 100.81 +0.05 Pricing as of: 7/23 5:31PM EST 10 Year US Treasury 4.2520 -0.0005 Price / Yield Change US Treasury 2 YR Treasury 4.494 -0.024 5 YR Treasury 4.164 -0.010 7 YR Treasury 4.189 -0.006 10 YR Treasury 4.252 -0.001 30 YR Treasury 4.483 +0.011 Pricing as of: 7/23 5:31PM EST Latest Video Home sales fall more than expected but prices hit new high Investors want Fed cuts to be proactive rather than reactive, says JPMorgan... Affordability remain stretched in housing market but inventories are rising... The rising tide of real estate cyber crime Around the Web CNBC Is the U.S. in a recession? Roughly 3 in 5 Americans think so, report finds Marketwatch Bank of America clients bailed out of stocks last week at the fastest pace in years CNBC June home sales slump, pointing to a buyer's market as supply increases Marketwatch Mortgage delinquencies hit a six-month high in June, but its not as bad as it looks CNBC How down payment assistance programs can help clear the path to homeownership Calculated Risk Blog Housing July 22nd Weekly Update: Inventory up 2.6% Week-over-week, Up 39.1% Year-over-year CNBC 10-year Treasury yield falls as investors look to key data in week ahead CNBC Treasury yields slip as investors weigh state of economy Calculated Risk Blog Lawler: Early Read on Existing Home Sales in June Calculated Risk Blog NAR: Existing-Home Sales Decreased to 3.89 million SAAR in June Calculated Risk Blog NMHC: "Apartment Market Conditions Continue to Loosen" CNBC Automakers report earnings this week. GM is set to be the standout Calculated Risk Blog Existing Home Sales Report: Watch Months-of-Supply

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