July 2022 existing-home sales were down 5.9% from June and 20.2% from one year ago, with all four major U.S. regions recording month-over-month and year-over-year declines.
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Housing affordability significantly declined as the monthly mortgage payment on a typical existing single-family home with a 20% down payment skyrocketed by nearly a third from the first quarter of this year and by half from one year ago.
Twenty REALTORS® from across the country have been chosen to participate in the 10-month program, which will prepare emerging state and local volunteers for future leadership positions at NAR.
Funds will be made available to the public to assist with disaster victims' housing payments as relief and recovery efforts continue in the weeks and months to come.
The National Association of Realtors®' REACH Labs program, which identifies and connects innovative early-stage startups to the Realtor® community, today announced its expansion to Chicago to launch its first multi-association and multiple listing service (MLS) REACH Lab.
The Treasury Department plans to allow use of $350 billion in American Rescue Plan funds by state, local, and tribal governments for the development, repair, and operation of affordable housing units.
As escalating mortgage rates and housing prices impacted potential buyers, pending sales retreated in all four major regions in June 2022, with the West experiencing the largest monthly decline.
Lawrence Yun told the U.S. Senate Committee on Banking, Housing, and Urban Affairs that he does not foresee a nationwide decline in home prices despite indications that price growth is set to slow.
Existing-home sales fell in June, with declines in three out of four major U.S. regions month-over-month and down in all regions year-over-year.
NAR continues a commitment to fair housing initiatives by sponsoring the National Fair Housing Alliance's "Keys Unlock Dreams" initiative which will expand housing opportunities for underserved groups across ten key cities.