July Market Update: Affordability, Market Trends, and Migration Shifts

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Home sales in July are expected to be about the same as June, with around 4,100 single-family sales. This is down by about 400 from May and April. The hot weather, rising rates, and an earlier school start this year are all making it a bit tougher for people to buy homes right now.

On the bright side, home prices are still strong. The average price this month is around $480,000, which is a $5,000 increase from last month. That’s a little over 1%, so the market is holding up well in terms of prices.

Also something interesting about migration trends. Families are now looking for places with lower housing costs and a cheaper cost of living. States like Alabama, South Dakota, and New Mexico are becoming popular because they're more affordable. This is a shift from the usual spots like Vegas, Phoenix, and Florida, which people used to choose mainly for the weather and amenities

For more on these migration trends and how affordability is influencing them, check out the article below.

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