Home Sales Fall to 5th Lowest July Ever

[Michael Carbonare]

𝐁𝐮𝐲𝐞𝐫𝐬 𝐫𝐞𝐦𝐚𝐢𝐧 𝐨𝐧 𝐬𝐭𝐫𝐢𝐤𝐞 𝐚𝐬 𝐞𝐱𝐢𝐬𝐭𝐢𝐧𝐠-𝐡𝐨𝐦𝐞 𝐬𝐚𝐥𝐞𝐬 𝐣𝐮𝐬𝐭 𝐟𝐞𝐥𝐥 𝐭𝐨 𝐭𝐡𝐞𝐢𝐫 𝟓𝐭𝐡-𝐥𝐨𝐰𝐞𝐬𝐭 𝐉𝐮𝐥𝐲 𝐥𝐞𝐯𝐞𝐥 𝐢𝐧 𝟑𝟎 𝐲𝐞𝐚𝐫𝐬. 𝐒𝐚𝐥𝐞𝐬 𝐚𝐫𝐞 𝐧𝐨𝐰 𝐧𝐞𝐚𝐫𝐥𝐲 𝟐𝟓% 𝐛𝐞𝐥𝐨𝐰 𝐭𝐡𝐞 𝐩𝐫𝐞-𝐩𝐚𝐧𝐝𝐞𝐦𝐢𝐜 𝐧𝐨𝐫𝐦.

Stop me if you've heard this before: there is no housing shortage. But there is an affordability shortage.
Home prices remain historically high while mortgage rates are still hovering in the 6.5% range. Put those two together and the monthly cost of owning a home has simply become too much for a large portion of the market.
The median sale price has reached a record $434,000.

But there’s an interesting split developing beneath the headline numbers:
Luxury is hot. $1 million+ home sales are up 14% year-over-year.

But move down the price ladder, particularly in parts of the South and West, and you’re beginning to see something very different: prices are correcting.
The housing market isn't one market.