By type, sales were down 0.8% compared to the prior month for single-family homes and down 4.8% for condos and co-ops. On a year-ago basis, sales were up 5.3% for condos and co-ops and just 1.7% for single-family homes. Prices were up 6.3% for single-family homes and 5.3% for condos and co-ops.
Sales fell in July despite mortgage rates staying below 4.0% for a second straight month. With inflation below the Fed’s target of 2.0% and political uncertainty weighing on bond yields, mortgage rates remain very favorable. When the Fed starts to trim its balance sheet, mortgage rates could start to rise. Stay tuned!