Tag Archives: Existing-Home Sales

"Home sales have been stable for several months, neither rising nor falling in any meaningful way," said NAR Chief Economist Lawrence Yun.

In a new blog post, First American Chief Economist Mark Fleming explains that " “mortgage rate stability, even if the stabilization occurs at a higher level, is the key to a housing recovery.”

While total housing inventory continues to inch forward, existing-home sales retreated in July in the face of mortgage rates sitting at 7.09%.

"Just like the weather, large local market variations exist despite the minor change in the national home price," NAR Chief Economist Lawrence Yun said.

According to Odeta Kushi, First American's Deputy Chief Economist, there has never been an official or general agreement on what constitutes a housing recession.

A new report from NAR shows existing-home sales dipped 3.3% from May, while the median existing-home price for all housing types reached its second-highest mark of all time in June.

According to First American’s Potential Home Sales Model, the nationwide sales pace will begin to settle into a new normal, as potential existing-home sales decreased in June, suggesting they may have hit bottom.

The MBA reports that new home sales have been driving purchase activity in recent months, as buyers continue to seek options beyond the existing-home market.

Even as mortgage rates fall, continued inventory concerns and affordability issues are keeping many on the sidelines as the summer buying season gets underway.

“There are select data available to support several alternative views of the path of the economy, though we maintain our view that a modest recession will begin in the second half of 2023,” said Doug Duncan, SVP and Chief Economist at Fannie Mae.