Red-hot housing market appears to be cooling off

The housing market has been red-hot during the pandemic, but it could be cooling off.

Existing U.S. homes sales rose 2% in July. For comparison, sales in June jumped about 23% from a year earlier when states were still in a pandemic lockdown.

"Long-term, there are no signs of the housing bubble that we’ve seen, so I expect it to kind of more normalize," said Kelly Hudick with Marathon Realty. "I think we’re still in a seller’s market. I still see we’re still going to be in a seller’s market probably through next year at least."

Another sign the housing market is cooling off: First-time homebuyers fell to 31%, the lowest level in more than three decades.