The advertising agency I’d joined was the most competitive and ambitious in London. Building business was hardwired into every one of us. Competition with other internal teams was part of the process. Jumping to the top of the queue above other teams for the next new business prospect gave us more opportunities for winning new […]
The gasp beyond fact, contouring the central question of what it is like to be you.
We’ve all been there at this moment where the overwhelm is so intense that we can not even think or act. I’m talking about the moment where you just can’t. You are ‘done.’ You feel stuck, sad, and frustrated. You would scream, but if you only had the strength! I know, I’ve been there too. […]
Sales of existing homes in July rose 2% from June to a seasonally adjusted, annualized rate of 5.99 million units, according to the National Association of Realtors.
These sales figures are based on closings, so they reflect contracts signed in May and June. Sales were 1.5% higher than July 2020. That is the second straight month of gains after a pullback in the spring.
Sales are likely improving due to rising supply. The inventory of homes at the end of July stood at 1.32 million, down 12% from a year ago, but that is a smaller annual decline than in recent months. At the current sales pace, that represents a 2.6-month supply. A six-month supply is considered a balanced market between buyers and sellers.
Despite the slight increase in supply, demand continued to outpace it, pushing prices to another all-time high.
The median price of an existing home sold in July was $359,900. That is a 17.8% increase compared with July 2020. Some of that price rise is skewed by the types of homes currently selling, and the market is much more active on the higher end. Annual price gains were larger last month, but given the huge spike in the market last summer, comparisons are now going to be smaller.
“The housing sector appears to be settling down,” said Lawrence Yun, chief economist for the Realtors. “The market is less intensely heated as before.”
It may be cooling, but it still appears to be competitive. Homes are spending, on average, just 17 days on the market. First-time buyers represented just 30% of the market, whereas they are usually around 40% historically. Nearly a quarter of all buyers are using all cash, also a higher share than normal.
The latest read on sales of newly built homes from June showed a sharp decline both monthly and annually, according to the U.S. Census. That data set is based on signed contracts, so it is looking at roughly the same activity as the July data on existing homes. Newly built homes come at a price premium to similar-sized existing homes, and builders say they are now seeing even more buyers unable to afford what they would like.
Mortgage rates didn’t move much throughout May and June, when the bulk of these deals were made, but they did fall more sharply in July. That, in addition to increasing supply, could help boost sales at least slightly in the coming months. Mortgage applications to purchase a home, however, continue to run at a far slower pace that a year ago, according to the Mortgage Bankers Association.
“Continued economic recovery is key to maintaining sales momentum, and anything that disrupts progress, such as rising Covid cases, could knock home sales off course,” said Danielle Hale, chief economist at Realtor.com. “Still, with listing price growth beginning to recalibrate in response to shifting supply and demand dynamics, we should see a steady pace of home sales over the next few months, especially if mortgage rates remain low.”
I am lucky. I believe in luck. BUT My success did not come from luck. You see, what we do every day lays the groundwork for our luck in many ways. When we achieve our goals, the actions we take and habits we create inform elevated versions of ourselves. From that place luck can spring […]
There’s no such thing as a “self-made” business owner. The mere notion of the self-made man — someone who came from nothing, had a big idea, exploited it entirely on his own, and now has it all — is mostly an American myth. Sure, successful entrepreneurs and business owners are smart, opportunistic, perceptive, and adept […]
“In anything at all, perfection is finally attained not when there is no longer anything to add, but when there is no longer anything to take away, when a body has been stripped down to its nakedness.”
You likely spend time thinking about your physical strength, thinking about how you can exercise or eat healthy. But what about your mental strength? Becoming mentally strong, according to psychologist and author Amy Morin, means that you “manage your emotions, thoughts, and behaviors in a way that sets you up for success in life.” The […]