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US Housing Market Shows Signs of Stabilizing After Volatility
Over the past 48 hours, the US housing industry has shown signs of stabilizing after two years of volatility. Existing home sales increased by 2 percent in July, reaching an annual pace of 4.01 million units, as mortgage rates slipped to just below 6.6 percent, the lowest level in ten months. This slight improvement in affordability and a 15.7 percent year-over-year jump in inventory have encouraged more buyers to enter the market. Notably, the national median home price in July was 422,400 dollars, up only 0.2 percent from last year. This is the lowest annual price growth in two years and indicates a cooling trend after historic gains.
About half the country is now experiencing either flat or falling home prices. In the West, for example, the median price dropped 1.4 percent to 620,700 dollars, and the South saw a 0.6 percent decrease to 367,400 dollars. Meanwhile, sellers are increasingly willing to negotiate. Roughly 27 percent of July listings had price cuts, the highest share on record according to Zillow. The Midwest and Northeast regions remain more resilient, with price increases of 3.9 percent and 0.8 percent respectively.
On the supply side, housing starts jumped 5.2 percent in July to a 1.43 million annual rate, although building permits—a measure of future construction—fell for the fourth straight month. Multifamily construction is up, led by strong activity in the South, while builder confidence continues to sag at historic lows according to the NAHB.
Leading firms are adapting to the new normal by offering more buyer incentives such as help with closing costs and repairs. They are also responding to greater inventory by accelerating digital marketing and flexible listing strategies. Industry analysts say wage growth now outpaces home price increases, hinting at a long-awaited shift in buyer leverage. However, new entrants still face affordability challenges due to inflated prices, high rates, and competition for limited supply.
Compared to last year’s slump, current conditions offer buyers more options and negotiating power, though the industry remains in a delicate balance, with future price and supply trends hinging on broader economic signals.
For great deals today, check out https://amzn.to/44ci4hQ
About half the country is now experiencing either flat or falling home prices. In the West, for example, the median price dropped 1.4 percent to 620,700 dollars, and the South saw a 0.6 percent decrease to 367,400 dollars. Meanwhile, sellers are increasingly willing to negotiate. Roughly 27 percent of July listings had price cuts, the highest share on record according to Zillow. The Midwest and Northeast regions remain more resilient, with price increases of 3.9 percent and 0.8 percent respectively.
On the supply side, housing starts jumped 5.2 percent in July to a 1.43 million annual rate, although building permits—a measure of future construction—fell for the fourth straight month. Multifamily construction is up, led by strong activity in the South, while builder confidence continues to sag at historic lows according to the NAHB.
Leading firms are adapting to the new normal by offering more buyer incentives such as help with closing costs and repairs. They are also responding to greater inventory by accelerating digital marketing and flexible listing strategies. Industry analysts say wage growth now outpaces home price increases, hinting at a long-awaited shift in buyer leverage. However, new entrants still face affordability challenges due to inflated prices, high rates, and competition for limited supply.
Compared to last year’s slump, current conditions offer buyers more options and negotiating power, though the industry remains in a delicate balance, with future price and supply trends hinging on broader economic signals.
For great deals today, check out https://amzn.to/44ci4hQ
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By Quiet. PleaseOver the past 48 hours, the US housing industry has shown signs of stabilizing after two years of volatility. Existing home sales increased by 2 percent in July, reaching an annual pace of 4.01 million units, as mortgage rates slipped to just below 6.6 percent, the lowest level in ten months. This slight improvement in affordability and a 15.7 percent year-over-year jump in inventory have encouraged more buyers to enter the market. Notably, the national median home price in July was 422,400 dollars, up only 0.2 percent from last year. This is the lowest annual price growth in two years and indicates a cooling trend after historic gains.
About half the country is now experiencing either flat or falling home prices. In the West, for example, the median price dropped 1.4 percent to 620,700 dollars, and the South saw a 0.6 percent decrease to 367,400 dollars. Meanwhile, sellers are increasingly willing to negotiate. Roughly 27 percent of July listings had price cuts, the highest share on record according to Zillow. The Midwest and Northeast regions remain more resilient, with price increases of 3.9 percent and 0.8 percent respectively.
On the supply side, housing starts jumped 5.2 percent in July to a 1.43 million annual rate, although building permits—a measure of future construction—fell for the fourth straight month. Multifamily construction is up, led by strong activity in the South, while builder confidence continues to sag at historic lows according to the NAHB.
Leading firms are adapting to the new normal by offering more buyer incentives such as help with closing costs and repairs. They are also responding to greater inventory by accelerating digital marketing and flexible listing strategies. Industry analysts say wage growth now outpaces home price increases, hinting at a long-awaited shift in buyer leverage. However, new entrants still face affordability challenges due to inflated prices, high rates, and competition for limited supply.
Compared to last year’s slump, current conditions offer buyers more options and negotiating power, though the industry remains in a delicate balance, with future price and supply trends hinging on broader economic signals.
For great deals today, check out https://amzn.to/44ci4hQ
About half the country is now experiencing either flat or falling home prices. In the West, for example, the median price dropped 1.4 percent to 620,700 dollars, and the South saw a 0.6 percent decrease to 367,400 dollars. Meanwhile, sellers are increasingly willing to negotiate. Roughly 27 percent of July listings had price cuts, the highest share on record according to Zillow. The Midwest and Northeast regions remain more resilient, with price increases of 3.9 percent and 0.8 percent respectively.
On the supply side, housing starts jumped 5.2 percent in July to a 1.43 million annual rate, although building permits—a measure of future construction—fell for the fourth straight month. Multifamily construction is up, led by strong activity in the South, while builder confidence continues to sag at historic lows according to the NAHB.
Leading firms are adapting to the new normal by offering more buyer incentives such as help with closing costs and repairs. They are also responding to greater inventory by accelerating digital marketing and flexible listing strategies. Industry analysts say wage growth now outpaces home price increases, hinting at a long-awaited shift in buyer leverage. However, new entrants still face affordability challenges due to inflated prices, high rates, and competition for limited supply.
Compared to last year’s slump, current conditions offer buyers more options and negotiating power, though the industry remains in a delicate balance, with future price and supply trends hinging on broader economic signals.
For great deals today, check out https://amzn.to/44ci4hQ