Research and Statistics

“Home sales have been remarkably stable, even amid the rising mortgage rate environment of the past few months,” said NAR Chief Economist Lawrence Yun. “Year-to-date sales are up 2.4% and there’s no doubt that the housing market would be thriving if average mortgage rates were to return near 6%. Though the national data shows stabilization, there are notable local market variations. In smaller cities, and particularly in the Midwest, an annual household income of $60,000 would be sufficient to buy a median-priced home. Working with an agent who is a REALTOR® will help you better pinpoint what’s happening in your area.”

“The highest mortgage rates of the year hit right in the middle of summer, and that's pulling back contract signings. Home prices are at record highs so houses for sale are sitting on the market longer, and fewer buyers are bidding above the asking price than a year ago, though there are large local market variations,” said NAR Chief Economist Dr. Lawrence Yun.