Weekly Market Observations — August 29, 2023

Here’s Our Weekly Market Observations :

NAR reports that July existing home sales fell by 2.2% MOM and 16.6% YOY

Housing inventory rose 0.1% YOY

Median home sales prices increased by 1.9% YOY to $406,700

Keller Williams cuts profit-share for vested former KW agents

Multifamily permitting down by 32.2% YOY in July

Average 30-year fixed mortgage rates up sharply to 7.23%