July 11 pt. 1

July 11 pt. 1

Swipe to read this month’s market update! May was officially the fourth straight month that existing-home sales declined. On another note, the median existing-home sales price exceeded $400,000 for the first time. “Home sales have essentially returned to the levels seen in 2019 – prior to the pandemic – after two years of gangbuster performance,” said NAR Chief Economist Lawrence Yun. “Also, the market movements of single-family and condominium sales are nearly equal, possibly implying that the preference towards suburban living over city life that had been present over the past two years is fading with a return to pre-pandemic conditions.”

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