Inventory remains in tight supply, which means homes are still moving at a fast pace despite the recent rise in rates and home prices; the median days on the market is just 14 days.
According to Freddie Mac, the 30-year fixed mortgage rate rose to 5.55% from 5.13% the previous week. With rates are nearly three percentage points higher than a year ago, buyers need to spend about $720 more monthly for the median-priced home.
NAR released a summary of pending home sales data showing that July's pending home sales pace weakened 1.0% last month and fell 19.9% from a year ago. The last time the index was that low was April of 2020 during the pandemic, and the index was 71.6.
In July 2022, existing-home sales fell month-over-month for the sixth consecutive time, reaching a 4.81 million seasonally adjusted annual rate, and fell 20.2% from July 2021.
Construction starts of both single-family and multifamily housing units fell in July 2022.
The monthly mortgage payment increased by 5.3% in June 2022, compared to the prior month, while the median family income increased by 1.4%.
National median prices rose 14.2% year over year to $413,500, rising above $400,000 for the first time.
Some recent potential home buyers who were pushed out of the market may now be able to get back in and qualify for a mortgage.
Matt Christopherson, Senior Research Analyst, talks about the report's essential findings and main takeaways.
What kind of expectations buyers and sellers should have regarding home prices in some of the most populated metro areas? How often they can expect a positive investment in a single-family home?
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