USA Credit Rating lowered by Fitch from AAA to AA+
30 Year Mortgage Rates Rose to 7.2% but retreated to 7.04 Today

Oil Prices (West Texas Intermediate) Rose 17.2% During July: from $69.79 to $81.80.  
Expect inflation to rise in July. Check CPI report on 8/10/2023

Today’s Bottom Line for Singles and Condos and Multi-Families:
Year over Year, Prices Rose. Units Sold, Active Listings and Inventories fell. 
Month over Month, Prices Rose. Units Sold and Active Listings fell.

Record low inventory keeps pricing firm in spite of higher mortgage rates.

Core Inflation remains stubbornly high and The Federal Reserve is now expected to raise rates again in June. April Consumer Price Index (CPI) inflation was 4.9% but CPI Core Inflation (CPI less Food & Energy) was 5.5%. The current 30 year conforming mortgage rate is 6.825% per Mortgage News Daily. Rising / high interest rates will continue to dampen real estate sales. Commercial Real Estate (CRE) lending is expected to remain tight as Regional Banks which hold 70% of CRE loans struggle to improve profits and liquidity.

Today’s Bottom Line for Singles and Condos:

Unit Sales continued to fall both year over year and month over month.
Single Family Prices fell 1.7% month over month and rose only 1.6% year over year.
Condo prices fell 4.5% both month over month and year over year.

Multi-Families: Units sales fell -41.3% Year Over Year and -14% Month O Month However, Prices did rise +2.4% Year Over Year and +8% Month over Month as Active Listings continued to drop.