Rates up slightly to end the week…

Rates initially improved Wednesday after the Fed once again increased the Federal Funds rate by .25%. A softer tone regarding the potential of future rate hikes was well-received… however on Thursday, rates worsened on stronger than expected economic data (unemployment claims, Q2 GDP).

Higher rates stressing your buyers out? Give us a shot!

We’re so confident that we can do better that we’ll pay your buyer $250 if we can’t!!

Existing homes are now pricier than new ones

In June, the median price for existing single-family homes in the US was $416,000, which is about the same as the price for newly built homes.

This is noteworthy because historically, new homes have been priced around $60,000 higher than existing ones, but now, the difference is less than $15,000.

Pending Home Sales

Pending home sales unexpectedly rose in June for the first time in four months, despite ongoing supply and financing challenges facing the resale market.

This weeks data showed that the National Association of Realtors' index of contract signings to purchase previously owned homes advanced 0.3% last month to 76.8.

“The recovery has not taken place, but the housing recession is over,” Lawrence Yun, NAR’s chief economist, said in a statement. “Given the ongoing job additions, any meaningful decline in mortgage rates could lead to a rush of buyers later in the year and into the next.”

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