
Existing home sales drop; Online job postings decline; Mortgage applications rise
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Existing home sales drop
June’s U.S. sales of existing single-family homes declined 2.7% from a month earlier and remained flat from a year earlier as prospective buyers faced affordability challenges, according to the latest data from the National Association of Realtors.
The trade group said the median sale price hit a record $435,300 as about 3.9 million houses were sold in June, based on seasonally adjusted annual figures. NAR Chief Economist Lawrence Yun said multiple years of undersupply have driven prices to new highs, as construction lags population growth.
“This is holding back first-time homebuyers from entering the market,” Yun said in a statement Wednesday, noting elevated mortgage rates were also a contributing factor. “More supply is needed to increase the share of first-time homebuyers in the coming years, even though some markets appear to have a temporary oversupply at the moment.”
The real estate group said home sales declined on a monthly basis in the Northeast, Midwest and South, while rising slightly in the West. On an annual basis, sales fell in the Northeast and West while increasing in the Midwest and South.
Online job postings decline
Online labor demand base on job postings fell 1.8% in June from the prior month as hiring has slowed recently in several industries, according to the latest Conference Board tracking.
The economic research group gauges the momentum of job postings in collaboration with data firm Lightcast. Information comes from government reports, along with postings on job websites, industry job boards and other online employment listings. The June decline came after a 5.1% increase in April, with postings still rising 3% from June 2024.
Earlier Conference Board reports gauging June employment trends noted the job market remains stable with a low jobless rate, though initial claims for unemployment insurance increased for the third straight month.
Conference Board economist Mitchell Barnes said ongoing economic uncertainty “continues to temper consumer and business confidence,” affecting the pace of hiring.
Mortgage applications rise
Mortgage application volume increased 0.8% from the prior week for the week ended July 18, even as mortgage rates inched higher, the Mortgage Bankers Association reported Wednesday.
“The 30-year fixed mortgage rate edged higher last week to its highest level in four weeks at 6.84%, while rates for other loan types were mixed,” MBA Deputy Chief Economist Joel Kan said in a statement. “Purchase applications finished the week higher, driven by conventional purchase loans, and continue to run ahead of last year’s pace.”
The trade group said mortgage refinance applications declined 3% from the prior week but were 22% higher than the comparable week of 2024. Purchase applications rose 3% for the week and also increased 22% from a year earlier.
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