Existing-home sales downturn flashes housing recession warning

Read next: Housing market – two trends hit normalization The median existing-home sales price rose 10.8% year over year to $403,800, $10,000 lower than the June peak of $413,800. Total housing inventory at the end of July was 1.31 million units, a 4.8% boost from June and unchanged from the previous year. The inventory of … Read more

U.S. existing-home sales fall a sixth month to over two-year low

Sales of previously owned U.S. homes fell for a sixth straight month in July in the latest indication of how high borrowing costs and waning demand are propelling the housing market’s rapid decline. Contract closings fell 5.9% in July to an annualized 4.81 million, the weakest since May 2020, figures from the National Association of … Read more

U.S. existing-home sales drop a fifth month to a two-year low

Sales of previously owned U.S. homes fell in June to a two-year low as a surge in borrowing costs continues to erode affordability. Contract closings fell 5.4% from May to an annualized 5.12 million, figures from the National Association of Realtors showed Wednesday. The median estimate called for 5.35 million in a Bloomberg survey of … Read more

How are existing-home sales performing amid a rising-rate environment?

“The data reinforces that the average price of a home is out of reach for most looking to enter the market, and with rising interest/mortgage rates, it’s just gonna keep getting tougher,” said David Auerbach, managing director of Armada ETF Advisors. On the brighter side, total housing inventory improved 10.8% month over month to 1.03 … Read more