Housing Market Appears To Be ‘Settling Down’

The pandemic-era housing boom is showing signs of slowing, according to new data on previously owned homes released on Monday.

The median price for existing homes declined from an all-time record of $362,000 in June to $359,000 in July, which is still a 17.8% increase from when the United States was mired in the thick of the COVID-19 pandemic a year prior. Existing home sales also rose 2% from the prior month to a seasonally adjusted 5.99 million units, according to the National Association of Realtors.

“The housing market went through a big swing during the COVID lockdown. Once the economy reopened, now the sector appears to be settling down,” said Lawrence Yun, NAR’s chief economist, after the results were announced on Monday.

The inventory of unsold homes increased 7.3% to 1.32 million from June to last month, which is equivalent to 2.6 months of the monthly sales pace, the NAR said in a news release.

Yun pointed out that there are more homes for sale now than there were a couple months ago, which adds to the notion that while the housing market is still hot, it is cooler than it has been during the peak of the boom. (Read more from “Housing Market Appears To Be ‘Settling Down'” HERE)

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