Voicing optimism for continued strength in the housing market, NAR President Walt McDonald added that favorable financing is only part of the picture. “The fundamental demand from entry level buyers, dominated by the second largest generation in U.S. history — the children of the baby boom — will drive home sales over the next 10 years because this generation is entering the prime years in which people typically but their first home.”
Inventory levels of existing homes on the market in July remained unchanged from the prior month. The 2.4 million homes listed for sale represented a 4.3-month supply.
Sales were up 0.4% in the South and down 1.4% in the Northeast, 4.8% in the Midwest and 6.6% in the West.
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