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July Home Sales Spike But Pipeline Dries Up | Salt Lake City News
July’s home sales surge looks great on paper—up 7% year-over-year—but the real story is in the slowing pipeline: pending sales dropped 7.7% from June and only rose 0.3% month-over-month, signaling a potential cooldown ahead. Experts blame this on buyers locking in lower rates from June (around 6.5%) as current rates creep up to 6.7%, partly due to oil price spikes. While closed sales reflect pent-up demand and last month’s favorable rates, economists warn the second half of the year could see flat or declining volumes. Meanwhile, home prices remain stubbornly high—with the typical home at…
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