The joke about millennials not buying homes in favor of overpriced coffee is an entrenched myth. It is important to break down what is really going on, what the numbers are, and what the measures mean.
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.
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