July Existing Home Prices are Up, Sales are Down

Sales of existing homes slipped in July even as median prices sustained their record-high levels. The National Association of Realtors® (NAR) said the month’s sales of single-family homes, townhomes, condominiums, and cooperative apartments were at a seasonally adjusted annual rate of 4.07 million units, down 2.2 percent compared to June and 16.6 percent lower than in in the same month in 2022. Single-family home sales slid to a seasonally adjusted annual rate of 3.65 million, a 1.9 percent month-over-month decline and down 16.3 percent from the previous year. Condo and co-op sales slipped 4.5 percent to 420,000 annual units: 19.2 percent fewer than a year earlier. [existinghomesdata] The median existing-home price for all housing types in July was $406,700, a 1.9 percent annual increase . NAR said It was the fourth time the monthly median sales price had exceeded $400,000 since it started keeping records. Previous such prices were logged in June 2023 ($410,000), and in both May and June of last year at $408,600 and $413,800, respectively. The median existing single-family home price was $412,300 in July, up 1.6 percent year-over-year, while condo prices rose 4.5 percent to a median of $357,600. [existinghomeprices] There were 1.11 million housing units available for sale at the end of July, an estimated 3.3-month supply at the current sales pace. This is an increase of 3.7 percent from the end of June when there was a 3.1-month supply but 14.6 percent below total inventory in July 2022.

August 22, 2023 Download our Mobile App: Download our Mobile App: Housing News July Existing Home Prices are Up, Sales are Down Sales of existing homes slipped in July even as median prices sustained their record-high levels. The National Association of Realtors® (NAR) said the month’s sales of single-family homes, townhomes, condominiums, and cooperative apartments were at ... (read more) Mortgage Rate Watch Flat Day For Mortgage Rates, And That's a Victory These Days When it seems that we've only known pain in the mortgage rate world recently, the absence of pain is a welcome relief. Such was the case today with the average mortgage lender offering terms that were almost perfectly in line with yesterday's.&... (read more) MBS Commentary Some Signs of Resilience, But There Will Be At Times Recall the title of last Friday's recap: "This is How They Get Ya." There is no "they," and no one is really trying to deceive you. Rather, the intention is to advocate against deceiving oneself. Reason being a tendency to rejoice i... (read more) Rob Chrisman Servicing, HELOC Referral, CRM, Audit, Spanish Language Products; Webinars and Training This Week Phantom Planet sang, California here we come, right back where we started from.” Many here at the Western Secondary have spent their entire career in California, which makes sense given that, over the decades, 20-25 percent of the nation’s home loans... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.49% +0.01% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.49% +0.01 0.00 15 Yr. Fixed 6.89% +0.01 0.00 30 Yr. FHA 7.12% 0.00 0.00 30 Yr. Jumbo 7.40% 0.00 0.00 5/1 ARM 7.25% +0.01 0.00 30 Yr. VA 7.12% +0.01 0.00 Updates Daily - Last Update: 8/22 15 Yr. Fixed Rate 6.89% +0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 7.09% +0.13 0.00 15 Yr. Fixed 6.46% +0.12 0.00 Updates Weekly - Last Update: 8/17 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.16% +0.07 0.68 15 Yr. Fixed 6.57% +0.06 0.94 30 Yr. Jumbo 7.11% +0.07 0.55 Updates Weekly - Last Update: 8/16 MBS / Treasuries UMBS 30YR 6.0 99.08 +0.00 Price / Yield Change MBS UMBS 6.0 99.08 0.00 GNMA 6.0 99.25 0.00 Pricing as of: 8/22 5:31PM EST 10 Year US Treasury 4.3300 -0.0120 Price / Yield Change US Treasury 2 YR Treasury 5.050 +0.043 5 YR Treasury 4.491 +0.023 7 YR Treasury 4.441 +0.006 10 YR Treasury 4.330 -0.012 30 YR Treasury 4.405 -0.045 Pricing as of: 8/22 5:31PM EST Latest Video The Fed is likely worried about lag effects of rate hikes, says Apollo's To... Taylor Morrison CEO: Nothing in the latest existing home sales data was sur... Existing home sales see slowest July pace since 2010 The bond market is still driven to a large extent by inflation, says Ed Yar... Around the Web Marketwatch Rise in Treasury yields is almost entirely due to one factor, strategist says Reuters Treasury rout deepens as deficit spending, higher for longer sink in CNBC 5 cities with the highest property tax rates. Here's why rates can vary so much from place to place forexlive Is China a risk to the Treasury market? Maybe not CNBC Home sales fall again in July, as supply drops to near quarter-century low DataQollab MBS Liquidity Tracker (Recent Daily Volume by Coupon) CNBC As economists point to a 'soft landing' for the U.S. economy, here are financial risks for consumers to watch Calculated Risk Blog NAR: Existing-Home Sales Decreased to 4.07 million SAAR in July; Median Prices Increased 1.9% YoY in July Marketwatch Treasury yields are surging as investors seek insight on a crucial monetary policy concept CNBC 10-year Treasury yield falls as investors consider interest rate outlook Calculated Risk Blog 4th Look at Local Housing Markets in July Eye on Housing New High Share for Multifamily Built-for-Rent Calculated Risk Blog Lawler: More on R-Star

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