cnbc.com_2 on Nostr: Bullet points of July home sales break a four-month losing streak as supply rises ...

Bullet points of July home sales break a four-month losing streak as supply rises nearly 20% over last year
- Closed sales of previously owned homes rose 1.3% in July compared to June, with a seasonally adjusted, annualized rate of 3.95 million units, according to the National Association of Realtors.
- The increase in supply did not help to cool home prices, and first-time buyers made up 29% of sales in July, down from 30% in July 2023.
- The supply of homes for sale continued to move higher in July, with 1.33 million homes on the market, an increase of 0.8% from June and 19.8% higher than in July 2023.
- All-cash offers made up 27% of July sales, up from 26% the year before and far higher than the historical norm.
- The demand is starting to pick up, with requests for tours and other buying services from Redfin agents rising 4% over the last week to its highest level in two months.
- Mortgage rates began dropping in July and are now hovering around 6.5%, which is helping to improve affordability.
- Consumers are seeing more choices, and affordability is improving due to lower interest rates, according to Lawrence Yun, NAR's chief economist.
- Home sales are still sluggish, but the modest gain is a positive sign, according to Yun.