AGP Executive Report
Last update: 6 hours agoExisting Home Market: U.S. existing home sales fell 2.4% in June to a 4.09M annual rate as record prices and tight supply kept affordability out of reach, even as mortgage rates stayed elevated after the Middle East conflict. Pricing Pressure: The median existing home price hit an all-time high of $440,600 (+1.8% y/y), with 18.8% of listings showing price cuts. Inventory & Listings: Zillow reported June sales up 9.2% vs May and 5.9% y/y, with new listings rising 3% y/y and inventory up slightly (+0.9% y/y), suggesting a mild thaw. Local Snapshot: New Jersey saw active listings rise 12.68% y/y in June, while the Northeast led inventory gains. Policy & Affordability: A housing affordability bill would restrict single-family ownership by investment firms and speed some construction reviews, but President Trump has not signed it yet. Commercial/Deals: AvalonBay bought a full-block South Miami development site for $22M to build 251 apartments. Community Real Estate: Port Angeles approved a 0.1% sales tax increase to fund police staffing, effective Jan. 1, 2027.
Note: AI summary from news headlines; neutral sources weighted more to help reduce bias in the result. Feedback is welcome. Please let us know if you have any comments or suggestions about the AGP Executive Report.
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