Selma Hepp, chief economist of CoreLogic, suggested that if the Federal Reserve cuts rates in September, it “could help drive mortgage rates lower and instil some much-needed boost to potential home buyers.”
The report also highlighted differences between single-family homes and condominiums/co-ops. Single-family home sales decreased to a seasonally adjusted annual rate of 3.52 million in June, down 5.1% from May and 4.3% from the prior year. The median existing single-family home price was $432,700 in June, up 4.1% from June 2023.
Meanwhile, existing condominium and co-op sales fell more sharply, tumbling 7.5% in June to a seasonally adjusted annual rate of 370,000 units, down 14% from one year ago. The median existing condo price was $371,700 in June, up 2.6% from the previous year.
First-time buyers were responsible for 29% of sales in June, down from 31% in May but up from 27% in June 2023. All-cash sales accounted for 28% of transactions in June, unchanged from May and up from 26% one year ago.
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Source: mpamag.com