Housing Market Stalls Amid High Prices and Rates | Virginia Beach News

Home sales dipped again in July, falling 0.7% from June and dropping the annual rate to 4.06 million units — a sign buyers are still stuck in the market. Prices hit a record high at $434,100 median, while mortgage rates soared to 6.69%, the highest in over a year. High costs are deterring would-be buyers, especially first-timers, as inventory remains stubbornly low at 1.54 million homes. With rates and prices stacked against them, many are left waiting — and wondering when the housing dream will become affordable again. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/25e7fe561e669e26