Latest economic data shows that the US real estate market may be emerging from its downturn. Despite high housing prices and high Intrerest Rate continuing to suppress home buying demand, US existing home sales saw an unexpected rise in July. Data shows that existing home sales rose by 2.0% month-on-month, with an annualized sales volume reaching 4.01 million units.

Although this data has not yet reached the ideal level, it undoubtedly brings a glimmer of hope to the market. Real estate experts analyze that some adverse factors suppressing real estate transactions may be gradually alleviating. Notably, the average interest rate on 30-year fixed-rate mortgages has dropped to 6.58%, setting a new low for nearly a year.

Industry insiders point out that with the Federal Reserve likely to restart the interest rate cut process next month, mortgage interest rates are expected to further decline in the coming months. This may inject new vitality into the real estate market and boost buyer confidence.

However, experts also remind that the comprehensive recovery of the real estate market still faces many challenges. High housing prices remain one of the main obstacles restricting buyers from entering the market. Market observers suggest that potential buyers should closely monitor market trends and weigh various factors before making purchasing decisions.

Overall, while the data from July brought some positive signals, whether the U.S. real estate market can sustain its recovery still requires more time and data to verify. Policymakers, market participants, and consumers will closely monitor market trends in the coming months.