Existing-Home Sales Slipped 2.2% in July.
According to Troy Green, Media Reporter for NAR,
- In July, existing-home sales fell 2.2% to an adjusted annual rate of 4.07 million. Sales receded 16.6% from one year ago.
- The median existing-home sales price rose 1.9% from one year ago to $406,700. It was the fourth time the monthly median sales price eclipsed $400,000, joining June 2023 ($410,000), June 2022 ($413,800) and May 2022 ($408,600).
- The inventory of homes not sold increased 3.7% from the previous month to 1.11 million at the end of July, or the equivalent of 3.3 months’ supply at the current monthly sales pace.
Mortgage Rates
According to Freddie Mac, the 30-year fixed-rate mortgage(link is external) averaged 7.09% as of August 17. That’s up from 6.96% the prior week and 5.13% one year ago.
The Question on a lot of peoples minds are… “Where are the foreclosures?”
The truth in the matter is while inventory is still low there are more buyer’s in the market than available homes to purchase. And with property values rising steadily, homeowners who face financial difficulties might have the option to sell their homes at a profit rather than going into foreclosure. This can further reduce the number of foreclosure properties available.
So keep in mind foreclosures tend to increase during economic downturns when homeowners struggle to meet their mortgage payments due to job loss, reduced income, or other financial hardships. Conversely, during periods of economic growth, fewer homeowners face such challenges, leading to fewer foreclosures.
Local Fayette County Market Update:
July 2023
Number of SOLD properties – 130
Average SOLD price: $541, 094 Average LIST price: $541, 902
Current active listings: 239 Current under contract: 149
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