📉 Home Sales Slide While Job Market Holds Steady — What It Means for Buyers and Sellers
This past week brought a mixed bag for the housing market—but little movement for mortgage rates, which remained mostly unchanged due to a lack of major economic headlines.
🏡 Existing Home Sales Hit 9-Month Low
Sales of existing homes fell 3% in June, marking their slowest pace since last fall. The median price hit a record for the month at $435,300, though that’s just a 2% increase from last year. Inventory remains tight, sitting at a 4.7-month supply, still below the 6-month benchmark of a balanced market. On a brighter note, there were 16% more homes available compared to this time last year—so we’re heading in the right direction.
🆕 New Homes Tell a Different Story
New home sales ticked up slightly in June, but they’re still 7% lower year-over-year. Interestingly, the median price of a new home dropped 3% to $401,800. Unlike resale homes, new construction inventory is near its highest level since 2009, giving buyers a few more options—especially in developing areas.
💼 Job Market Steady—But Hiring Slows
Unemployment claims dropped to 217,000, beating expectations and hitting their lowest level since April. While some reports suggest a cooling in hiring, employers appear reluctant to let go of current staff—signaling cautious confidence in the economy.
🌍 Global Outlook: Uncertainty Abroad
The European Central Bank held rates steady at 2.0%, noting that economic risks remain tilted to the downside due to trade concerns. While this didn’t shake markets much, it adds another layer of global uncertainty to keep an eye on.
📣 Thinking of Buying or Selling?
If you're feeling unsure about timing, strategy, or where the opportunity is right now—let’s talk. Whether you’re looking for more space, a better commute, or just want to make a smart move, I’m here to help you decode the data and make the market work for you.
