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.
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.
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.