Key takeaways for the 4-week period ending July 12:
- Final prices for homes that sold during the period (meaning they likely went under contract in May and June) were up 6% year over year; for homes actively listed during the period, asking prices were up 13%.
- Pending home sales continued to climb, up 7% year over year but the overall inventory of homes for sale was down 28% as demand outpaced supply.
- 30-year mortgage rates were below 3% for the first time ever, which continued to drive homebuying demand, as mortgage purchase applications increased 16% from a year earlier