The U.S. housing market has continued to cool, as rising mortgage rates and record-high sales prices have stifled affordability, weakening demand and pricing out a multitude of buyers. Nationally, median household income has failed to keep pace with increasing mortgage payments, with the costs of buying a home about 80% more expensive now than they were just three summers ago, according to the National Association of REALTORS® (NAR). New listings increased 2.2 percent for Single Family homes and 2.6 percent for Townhouse-Condo homes. Pending Sales decreased 5.7 percent for Single Family homes but increased 16.9 percent for Townhouse-Condo homes. Inventory increased 43.8 percent for Single Family homes and 56.8 percent for Townhouse-Condo homes.
Month’s Supply of Inventory increased 46.2 percent for Single Family homes and 50.0 percent for Townhouse-Condo homes.
Median Sales Price increased 13.6 percent to $250,000 for Single Family homes and 33.3 percent to $180,000 for Townhouse-Condo homes.
Days on Market increased 6.3 percent for Single Family homes but decreased 19.0 percent for Townhouse-Condo homes.
At a time of year when homebuying activity is typically very strong, soaring homeownership costs have caused home sales to decline nationwide for the fifth-consecutive month, with existing-home sales falling 5.4% month-to-month and 14.2% year-over-year as of last measure, according to NAR. But there is a bright spot. Inventory of existing home sales has continued to climb this summer, with 1.26 million homes available at the beginning of July, equivalent to a 3 months’ supply. And despite the summer slowdown, homes are still selling quickly, with the typical home staying on the market an average of 14 days.
If you are wondering how current national and global situations might be impacting your property’s value, your neighborhood, or the Real Estate market in general, we are happy to provide more specific information.
If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
