US Home Sales Remain Strong Despite Record-High Prices

July brought a 1.7% dip in U.S. existing home sales, bringing the annual rate to 4.06 million. Meanwhile, the median home price climbed to a record $434,100—up 2%—while mortgage rates reached 6.69%, making affordability an even greater challenge for many buyers. With inventory still tight at 1.54 million homes, these numbers reflect a market defined by competition and limited choices. Here in the Outer Banks—especially in distinctive communities like Carova—I've seen how these national trends play out on a local scale. Every transaction requires careful strategy and local insight to help clients navigate these unique conditions and maximize value, whether buying or selling along our one-of-a-kind coastline.