NAR

Sales of previously owned homes unexpectedly slumped for a fourth month to the weakest in more than two years, signaling higher prices and tight supplies continue to squeeze demand, a National Association of Realtors report showed.

An improved economy, a healthy labor market and the large population of millennials should have accelerated home sales much higher, but all hope for more transactions this year is not yet lost, according to the NAR.

San Antonio’s housing market grew even hotter amid July’s sweltering temperatures, demonstrating the strength of the local economy but posing a threat to aspiring middle-class homeowners.

Lawmakers authorized a four-month extension less than a day before the program was set to expire.

Contract signings to purchase previously owned homes rose for the first time in three months, indicating the housing market is stabilizing on the heels of a modest pickup in listings, lower taxes and a robust labor market.

International activity in the U.S. real estate market plummeted as foreign homebuyers are competing with domestic purchasers for a limited supply of homes, according to the National Association of Realtors.

With the program set to expire July 31, the House bill will have to be reconciled with Senate legislation that includes a longer extension.

Purchases of new homes fell in June to the slowest pace in eight months, while the median selling price declined to the lowest in more than a year.

Sales of previously owned homes unexpectedly fell in June, indicating a shortage of affordable listings and rising prices continue to limit demand, a National Association of Realtors report showed.

Reps. Ed Royce, R-Calif., and Earl Blumenauer, D-Ore., introduced a bipartisan package of legislation Tuesday to extend the National Flood Insurance Program through Nov. 30.