In the view of Anthony Hsieh – the founder and CEO of LoanDepot Inc., the housing market went from “sizzling” to “hot” as per recent data. Relying on data, he revealed that existing home sales increased surprisingly in July following months of declines due to labor and supply chain crisis.
The NAR’s Data
The sales data from the National Association of Realtors (NAR) shows a rise of 2% in existing home sales in July, marking 5.99 million in July, as many people shifted from towns to suburbs during the Covid. For July, interpreters’ anticipation for a seasonally adjusted annual rate was at 5.83 million units.
The price of existing homes slid in July, the fifth month of decreased sales as home prices rose. According to NAR data, in the US, the average price for a pre-owned home was $359,900 in the month of July, after a record high of $363,300 in the past month.
The NAR’s chief economist said that there is much of the home sales growth in the upper-end markets but not much growth in the mid-to lower-tier regions because there are still only a few starter homes available.
LoanDepot Inc. to sell seven million homes
On Monday, the CEO said that they are stepping out to sell seven million homes this year. It is the highest level since the economic crunch.
Hsieh said that the market is moving in the right direction. However, some buyers are still anxious about entering the market because of an increased interest rate.
He said that it should be realized that we are at the end of the buying season a bit, and it is exciting to see whether it is a temporary window or going to be sizzling hot again, but the market is still strong enough.
More than 689k houses for single families are also about to complete the construction phase to meet the increased demand in the country.