Home Sales Fall (Again). What’s Next?
Submitted by Flynn Zito Capital Management on August 23rd, 2022Existing home sales fell 5.9% in July, the sixth consecutive month of declines as higher interest rates weigh on housing affordability and prospective buyers. As the housing market slowed, so did prices. The median price for a single-family home was $410,600, a decline of roughly $10,000 from June. However, homes do not stay on the market long.