Two factors explain the outcome: “Available inventory and high housing rates,” noted Lawrence Yun, chief economist at the NAR. Both “are unfavorable for buyers.”.
AFP
Washington
Home resales in the United States fell again in July, more than the market expected, but prices remain high, according to data from the National Federation of Realtors (NAR).
Nearly 4.1 million homes and apartments changed hands on an annual projection (the 12-month projection if conditions at the time of measurement remained the same), a 2.2% drop over July of last year and even higher than the 4.15 million transactions expected by analysts, according to the consensus of briefing.com.
Meanwhile, the median price continued to rise, up 1.9% in one year to reach $406,700, a historically high level although slightly below June's $410,000.
Two factors explain the outcome: “Available inventory and high housing rates,” noted Lawrence Yun, chief economist at the NAR. Both “are unfavorable for buyers.”.
Interest rates in the United States for a 30-year fixed-rate mortgage, the most common type of home loan, have reached 7.09%, according to data from mortgage refinancing group Freddie Mac. This is the highest level since March 2002.
