Are you keeping up with the latest trends in the real estate market? The National Association of Realtors recently reported a 1.3% increase in closed sales of previously owned homes in July, marking the first gain in five months. Despite this modest increase, home sales are still sluggish compared to last year.
One interesting point to note is the rise in all-cash offers, which made up 27% of July sales, up from 26% the year before. This is significantly higher than the historical norm, indicating a shifting trend in the market.
Additionally, the supply of homes for sale continues to increase, with 1.33 million houses on the market at the end of July, representing a 0.8% increase from June and a 19.8% increase from July 2023. However, this increase in supply has not led to a cooling of home prices, as the median price of an existing home sold in July was $442,600, a 4.2% increase from the previous year.
First-time buyers made up 29% of sales in July, highlighting the continued challenges of affordability in the real estate market. Despite this, demand is starting to pick up with lower mortgage rates, as evidenced by a 4% increase in requests for tours and buying services from Redfin agents over the last week.
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