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Yahoo
18 minutes ago
- Yahoo
Home sales declined in June as prices hit new all-time high
Sales of existing homes dropped more than expected in June, the latest sign that record-high prices and elevated mortgage rates are extending the housing market's deep freeze. After jumping in May, sales last month fell 2.7% to a seasonally adjusted annual rate of 3.93 million, according to National Association of Realtors data released on Wednesday. Sales came in worse than expected; economists had forecast a smaller decline to a seasonally adjusted annual rate of 4 million homes. Spring is historically the busiest time of year for home sales, but all signs point to 2025 being another subdued year. June sales typically reflect homes that went under contract in April or May — the market's busy period. But mortgage rates have remained in the high 6% area for much of the year while prices hit a new record, straining affordability for buyers even when the labor market and economy look healthy. Read more: Historical mortgage rates: How do they compare to current rates? 'The mismatch — more jobs, fewer home sales — is really coming from the affordability challenges, specifically higher mortgage rates,' Lawrence Yun, the NAR's chief economist, said on a conference call to discuss the data. Year over year, the median existing home price rose 2% to a new record high of $435,300, according to NAR data. Most of the country saw a sales slump in June. The steepest declines came in the pricey Northeast where buyers still generally outnumber sellers, and home prices are rising the fastest. There, sales dropped 8% from a month earlier, while prices were up 4.2% in the last year to an average of $543,300. Sign up for the Mind Your Money weekly newsletter By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy Sales contracted 4% month over month in the Midwest where for-sale inventory is also more constrained. Prices there were up 3.4% since June 2024. Only the West eked out a sales gain in June, rising 1.4% from May, though sales in that region are down 4.1% from a year earlier. Learn more: What's the best time of year to buy a house? Claire Boston is a Senior Reporter for Yahoo Finance covering housing, mortgages, and home insurance. Sign up for the Mind Your Money newsletter
Yahoo
18 minutes ago
- Yahoo
Silver's hot streak gathers pace; market at highest since 2011
By Polina Devitt and Sherin Elizabeth Varghese (Reuters) -Silver prices surged to their highest in almost 14 years on Wednesday, aided by worries about U.S. tariff policy, signs of tightness in the spot market and growing investor interest in alternatives to gold. Spot silver was up 0.3% at $39.40 per troy ounce as of 1354 GMT, its highest level since September 2011. Silver, both a precious and industrial metal, is up 36% this year, outperforming gold's 31% growth and coming within a whisker of the key $40-per-ounce mark. The metal hit a record high of $49 in 2011. U.S. President Donald Trump's plan to impose 50% import tariffs on copper from August 1 and the U.S. import tariffs for Mexico widened the premium of the U.S. futures for silver and other metals against the London benchmarks in July, leading to a growth in lease rates in the spot market. Gold, silver, platinum and palladium were excluded from Trump's April reciprocal tariffs, but "the broader market isn't trading it that way and is taking a page out of Comex copper's handbook", Nicky Shiels, head of metals strategy at MKS PAMP. Spot silver prices may hit $42 per ounce this year, according to Shiels. Analysts also noted that industrial demand for silver, heading for the fifth year of structural market deficit, remains solid, while investment demand is gaining momentum as a more affordable alternative to gold. Silver's recent rally has improved its ratio with gold to the strongest level in seven months. It currently takes 87 ounces of silver to buy an ounce of gold, compared with 105 ounces in April. "It is the copper tariff that sent some spinning off at odd tangents that captured the other metals," said a precious metal trader based in London, adding that the lease rates in the spot market should fall once the borrowing activity caused by the U.S. tariff fears subside. The current momentum could be hot enough to take silver over $40/oz in the short term, said Nitesh Shah, commodity strategist at WisdomTree. "But with positioning stretched, we would not be surprised if it fell back to $35/oz, before it starts its march higher to $45/oz next year," Shah added. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
18 minutes ago
- Yahoo
Chevron says zinc levels in U.S. Mars oil output within limits
HOUSTON (Reuters) -Chevron on Tuesday said recent testing indicates that zinc levels in flagship U.S. offshore crude Mars' production stream were now within expected levels. The start-up of an offshore well caused zinc contamination in Mars crude, Chevron had said earlier this month, leading to tightening crude oil supply in the key Gulf Coast refining hub and the government releasing barrels from its emergency stockpile.
