Home Sales Steady Despite Higher Rates: What It Means for You
Hey there! As your friendly mortgage loan officer, I wanted to share some interesting news about the current state of the housing market. In July, existing-home sales saw a slight dip of 1.7% from June, but the good news is they are still up by 0.7% compared to last year. This stability is pretty remarkable considering the rising mortgage rates we've been experiencing lately.
Inventory is another key point to consider. The number of homes available for sale has decreased, now sitting at about 1.54 million units. This means there’s less choice for buyers, which could keep home prices on the rise. In fact, the median home price has gone up to $434,100, marking 37 months of continuous price increases!
However, there’s a silver lining: affordability has improved compared to last year. The Housing Affordability Index has risen, indicating that homes are becoming more accessible. If you’re thinking about buying, selling, or refinancing, now might be a good time to reach out to me. I can help you navigate these changes and find the best options for your situation.
