Prices continued to rise, with 91% of the markets showing home price appreciation. Single-family home price growth is steady, median family incomes are rising modestly, inventory levels are low and affordability has been declining.
Eighty-six percent of respondents reported that home prices remained constant or rose in June 2019 compared to levels one year ago (87 percent in June 2018).
June’s pending home sales pace was up 2.8% last month, and after 17 months of declines, up 1.6 % from a year ago.
Commercial real estate deals and prices of properties that are typically less than $2.5 million are still rising though at a modest pace, according to NAR’s 2019 Q2 Commercial Real Estate Market Trends & Outlook Report.
Housing market activity this June fell 1.7% from May 2019. June’s sales of existing homes fell 2.2% from June 2018.
Foreign buyer purchases of U.S. existing homes during April 2018–March 2019 fell sharply to $77.9 billion from the $121 billion during the prior 12-month period (April 2017‒March 2018)—a 36% drop.
At the national level, housing affordability is down from last month, but up from a year ago. Mortgage rates were down from last month at 4.11% this May, and down 7.7% compared to 4.71% a year ago.
This post will look at the states that are seeing increases in homeownership, as well as look at homeownership rates among Black and African Americans, Asian and Pacific Islanders, American Indians, and Whites and Caucasians by state.
Job openings in construction in May 2019 outpaced the number of workers looking for construction jobs.
May’s pending home sales pace was up 1.1 percent last month but fell modestly at 0.7 percent from a year ago.