While home sales last month were down more than 20% from a year earlier, prices are up more than 10% and demand remains strong despite a slowdown.
'Homeowners are in a very comfortable position'
"Homeowners are in a very comfortable position financially, in terms of their housing wealth," Yun said. He alsoSales of existing homes were down in July by 20.2% to 4.8 million properties from 6 million a year earlier, according to NAR. However, the median price last month was $403,800, up 10.8% from July 2021.
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