#home-prices

#home-prices

Sales of previously occupied U.S. homes rose in July as homebuyers were encouraged by a modest pullback in mortgage rates, slowing home price growth and the most properties on the market in over five years. Existing home sales rose 2% last month from June to a seasonally adjusted annual rate of 4.01 million units, the National Association of Realtors said Thursday. Sales edged up 0.8% compared with July last year.

There are lots of ways to measure home prices. Repeat-sales indexes like the S&P Cotality Case Shiller are very effective at tracking changes in the value of homes, but are very slow and lag the actual market. Market-based measures like the Altos price or the Altos pending price are immediate and best to answer What do homes cost today? These measures move together generally but can have subtle differences in timing and noise.

"We were surprised because land subsidence is not like flooding or wildfires, which are much more visual and sudden. Land subsidence is a very slow problem."

"Home prices are starting to dip because high mortgage rates have pushed many buyers out of the market, weakening demand," Redfin chief economist Daryl Fairweather told Business Insider.

Manhattan's Two Bridges neighborhood saw tremendous growth with home prices soaring 288%, rising from $423,000 to $1.64 million attributed to luxury developments.

"Quality of life, I think, is No. 1. Celebrities tend to get headlines, but it's quality of life that brings people here."

According to the latest Realtor.com® architectural styles report, ranch homes are increasing in popularity among first-time buyers and empty nesters for their single-story convenience.

In a market seeing significant growth in inventory and rising home prices, these classic styles are defining the housing scene.

In Florida, you can snag a single family home for the median price, but it won't be huge at $399,900. It really just depends on the area.