(AURN News) — The housing market is cooling — and fast. According to a new report from Redfin, homes are now selling at their slowest pace in a decade.
Pending home sales fell 1.1% month over month in July to the lowest seasonally-adjusted level since November 2023, the company reported. Existing-home sales ticked down to a seasonally adjusted annual rate of 4,150,266 — the lowest level in nearly a year.
High prices and economic uncertainty are weighing on the market. The median home sale price rose 1.4% year over year in July to $443,867 — the highest July level on record, Redfin found.
And buyers aren’t rushing in. The typical home that went under contract in July sat on the market for 43 days — the longest July span since 2015, the report added.
What’s dragging the market is simple: Homes are just too expensive for most families. With mortgage rates still high, too few listings and record-setting prices, more buyers are stepping back — and staying out.
Click play to listen to the AURN News report from Jamie Jackson:
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