June 2023's pending home sales pace rose 0.3% from the previous month but fell 15.6% year-over-year.
Mortgage rates remain stubbornly high for home buyers at 6.81% for the 30-year fixed rate.
The fed funds rate is now 2 percentage points higher than inflation, a rare and very tight monetary policy condition.
NAR's recent report on residential sustainability illuminates a transformative shift towards eco-conscious practices among real estate professionals and homeowners.
Housing market activity in June 2023 declined 3.3% from May 2023, and fell 18.9% year-over-year. Low inventory and high prices contributed to this slowing in sales.
Interest rates showed some relief this week for housing consumers, tipping down slightly to 6.78% from 6.96% for the 30-year fixed-rate mortgage.
With a monthly mortgage payment increase of 3.7% and a 2.8% rise in the median price of single-family homes, qualifying for a home loan was more challenging for potential buyers in May 2023.
The 30-year fixed rate increased further this week to 6.96% from 6.81% last week, hitting the highest level in 8 months.
Decelerating consumer prices could steadily lift home sales and increase home production in a few months.
Jobs have been added continuously since the lifting of the lockdown, but the latest monthly net gain of 209,000 is the smallest in 2.5 years.
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