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July home sale numbers are in!
Existing home sales increased 2% to 5.59 million in July, surpassing expectations!
Quote from Lawrence Yun, chief economist for the National Association of Realtors said in a release. “The creation of jobs added at a steady clip and the prospect of higher mortgage rates and home prices down the road is encouraging more households to buy now. As a result, current homeowners are using their increasing housing equity towards the down payment on their next purchase."
The forecast originally was for 5.48 million units this year. The median home price last month was $234,000, increasing about 5.6% year-over-year. July also marked 41 consecutive months of year-over-year gains.
Those particular gains could however,
eventually have a negative impact on originator business, as sales may be
expected to slow. Declining affordability could begin to slowly decrease the
demand. Realtors in some markets reported slower traffic in July in part
because of low inventory and concerns about the rise in home prices without
First time home-buyers are also struggling to purchase, with rent considerably higher, many young adults are facing challenges making it hard to buy a home. The latest figures strengthen economists’ argument that the Fed will move to increase its benchmark rate at next month’s meeting.
Mortgage Options, Inc. is a licensed mortgage broker NMLS 803458 SC DCA and NMLS 1183586 NC Commissioner of Banks