US new home sales jumped by over 10% month-over-month in July, according to the US Census Bureau. The National Association of Realtors reported existing home...
US new home sales jumped by over 10% month-over-month in July, according to the US Census Bureau. The National Association of Realtors reportedon Wealth! to talk about what this data is signaling about the US housing market, especially after Federal Reserve Chair Jerome Powell communicated. Housing sector always one of the most sensitive to the mortgage rate changes, and consequently mortgage rate today at one-year-low level at under 6.
These numbers are on top of existing home sales which grew 1.3% in July stopping a four month sales decline. Oh, well, you know, the bond market has already adjusted in anticipation of the September rate cut and more rate cuts in the later months.So definitely we are in a downward trend in mortgage rate housing sector always one of the most sensitive to the mortgage rate changes and consequently, uh mortgage rate today at one year low level, you know, under 6.5 we have not seen this for the past 12 months.This is going to lead to a lot of dynamism and more sales of a home.
But of course, we know there are many other people who have already refinanced into even lower rates or people took that 3% 4% rate during the early months of the COVID uh period. So all this pent up potential sellers I think will steadily move into the market as mortgage rate decline. Uh you know, the, you know, Americans view, they are part of their dream as owning part of America home ownership.
Lawrence Yun Mortgage Rate Brad Smith Association Of Realtors Existing Home Sales US Housing Market US Census Bureau
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