Pending home sales pace weakened 8.6% in June 2022, falling 20% year-over-year, with double-digit declines in all four regions of the U.S.
As life is slowly returning to normal and more people commute back to the office, office vacancy rates are starting to decrease, albeit some are returning to lower levels than others.
The national median existing-home price for all housing types reached a new high of $416,000 in June, up 13.4% percent from a year ago. Home prices have continued to climb, marking the 124th consecutive month of year-over-year gains.
Mortgage rates slightly rose to 5.54%, and will continue to increase next week, as the Fed will likely raise interest rates by a full percentage point.
Homebuilders have become extremely cautious about the prospect of single-family home sales, while multifamily activity remains robust.
With the potential of a more aggressive rate hike from the Federal Reserve at the end of the month, mortgage rates will likely rise even further.
Consumer price inflation is the highest in over 40-years and showed no sign of slowing down in June. It rose by 9.1% and is accelerating.
Compared to one year ago, affordability fell in May as the monthly mortgage payment climbed 51% and median family income rose by 4.5%.
Mortgage rates will be higher next week as the job market continues to expand.
The dual phenomenon of record-high home prices and record-low inventory has significantly impacted home buyer choice.
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