US home buyers face rising prices as a new challenge alongside mortgage rates above 7%. After five months of declines, home prices are rebounding, impacting the housing market. The National Association of Realtors reported that the median existing home price in July was $406,700, up 1.9% from the previous year. Low inventory and high demand have contributed to the price surge, making it a tough market for buyers. Despite lower sales and affordability concerns, the demand to own a home remains strong.
Curious Facts About Rising Home Prices
- Home prices are reversing five months of declines, with a median price of $406,700 in July.
- Stubbornly low inventory and high demand are driving the price surge.
- Current homeowners are reluctant to sell due to ultra-low mortgage rates.
- Sales of existing homes dropped below expectations, down 2.2% from June to July.
- Despite challenges, first-time buyers remain active in the market, making up 30% of purchases in July.
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