📉 Key Stats:

- Existing Home Sales: Plummeted by 2.0% YoY to 4.1 million in July, the weakest July since at least 2012, according to Redfin.

- Pending Home Sales: Dropped 5.8% YoY, hitting their second-lowest level on record, only surpassing April 2020.

- Sales Falling Through: 15.8% of pending home sales fell out of contract, the highest share for any July since 2017.

🏠 Current Market Conditions:

- Median Sale Price: Stands at $439,170, just 0.7% below the all-time high.

- Homebuyer Demand: At a 30+ year low, driven by historically high prices.

🔍 Context:

- Over the past 3 years, sales have declined by nearly 3 million, reaching their lowest levels since the 2020 pandemic.

Implications: The current market is experiencing unprecedented challenges with high prices and low demand. Investors and potential buyers should stay informed and cautious.