Market Update | August 1, 2024

Written by tagsocal

August 2, 2024

Market Update | August 1, 2024


Mortgage rates remain flat, inflation continues to decline, and existing home sales continue to slip in June as median price reaches a record high. All this and more in today’s Real Estate Update.

Mortgage rates remain flat, inflation continues to decline, and existing home sales continue to slip in June as median price reaches a record high. All this and more in today’s Real Estate Update.

Mortgage rates remain flat, down nearly half a percent from peak

The national average for a 30-year fixed-rate mortgage remains flat at 6.78%. Rates remain essentially flat from 6.77% last week and down from 7.22% in May. Rates are down slightly year over year, from 6.81%.

Full story at Freddie Mac

 

Inflation continued to decline in June, helping case for lower rates

The CPI declined 0.1% in June, putting the annual rate at 3%, around its lowest level in more than three years. A 3.8% slide in gasoline prices offset 0.2% increases in both food prices and shelter. The latest inflation numbers may increase the likelihood of a Federal Reserve rate cut in September.

Full story at CNBC

 

Home sales slip in June as median price reaches record high

Existing-home sales faded 5.4% in June to a seasonally adjusted annual rate of 3.89 million. The median existing-home sales price bounced 4.1% from June 2023 to $426,900. The inventory of unsold existing homes rose 3.1% from the previous month to 1.32 million at the end of June.

Full story at NAR

 

Disclaimer: this is a compilation of industry news from trade media and industry groups, it does not share any forward-looking predictions or projections.

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