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.
May's pending home sales pace declined 2.7% from last month and fell 22.2% from a year ago.
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