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Starter home sales surge 10% year-on-year — despite stubbornly high property prices
Despite soaring prices, the rate of people becoming first-time homebuyers is going up. According to fresh findings from Redfin, pending starter home sales were up 10.2% in July when compared to the same time in 2023. The real estate company defined a starter home as a residential property with a...
Fewer people are purchasing homes, despite high demand—buyers are in ‘wait and see' mode
Even with declining mortgage rates, the number of pending home sales fell last month to the lowest level on record, a National Association of Realtors report reveals. NAR's Pending Home Sales Index shows that the number of pending home sales dropped 5.5% in July and was down 8.5% compared with a year earlier, reaching the lowest level since the index was first established in 2001.
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