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June home sales came in below the 300,000-benchmark for the ninth consecutive month, as rates remained elevated in the past couple of months. The year-over-year decline, however, moderated further with the annual dip dropping below 20% for the first time in 12 months. Meanwhile, the statewide median price remained above $800,000 for the third straight month, as tight supply continued to provide upward support. Monthly price dips in the coming months are anticipated, however, as the market goes through its typical seasonal pattern and rates remain elevated for most if not the entire third quarter. As for the economy, consumers appear to be more resilient than predicted six months ago, and economists are lowering the odds of a recession for the U.S. That’s good news, except a solid economy could mean a delay in the Fed loosening its monetary policy, which could be translated as mortgage rates staying high for a little longer.
Have questions about when the best time is for you to make your move? I’m here to help, give me a ring today!
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Selena Young
Realtor | Coldwell Banker Realty
DRE# 02073411
