GOOD MORNING. Just wanted to give you a brief overview of the Housing Market as it
stands today.
After slipping slightly in June, sales of new single-family homes moved up 4.4% in
July, and are now 31.5% higher than a year ago. Good news for buyers, the median
sale price is down 12.1% from its peak last year.
Also down were existing home sales, off 2.2% from June to July, thanks the tight
inventories. But good news here for buyers, the median price was barely ahead of a
year ago.
The inventory of homes for sale is finally ticking up. Last week saw a decent weekly
gain in single-family listings of almost 1%, and analysts expect inventories will keep
climbing into September.
In Freddie Mac's Primary Mortgage Market Survey, the national average 30-year fixed
mortgage rate continued moving up. Remember, mortgage rates can be extremely
volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… A new report from Zillow says the share of first-time homebuyers soared
to 50% this year—up from 45% in 2022, 37% in 2021, and the highest share since 2010 when
first-time buyers got a big tax credit.
THIS WEEK'S FORECAST
PENDING HOME SALES, CONSTRUCTION SPENDING, … Heading into Labor Day, we'll get
the Pending Home Sales index of signed contracts on existing homes, expected down thanks
to declining inventories. Construction Spending should keep growing overall, and we'll check
the residential part.
If you have any questions, please give me a call or send me an email. I am here to help you.
Mary Cockburn
505-639-2090
MaryCockburn.Realtor@gmail.com
