MARKET UPDATE - July 2023
Affordability constraints have continued to limit homebuying activity this summer, with existing-home sales falling 3.3% month-over-month nationwide as of last measure, according to the National Association of REALTORS® (NAR). Mortgage rates have approached 7% in recent months, leading many prospective buyers to put their home purchase plans temporarily on hold. But higher rates have also kept many existing homeowners from listing their homes for fear of giving up the low-rate mortgages they locked in a few years ago, when rates were significantly lower.
New Listings were down 8.7 percent to 543. Pending Sales increased 20.4 percent to 496. Inventory grew 0.7 percent to 1,045 units.
Prices moved higher as Median Sales…
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