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 in nearly a year and the record-high national median home price together are contributing to a tepid housing market that is especially difficult for first-time homebuyers. It is worth emphasizing that it is closing activity, not contract signings, that generates economic impact. Pending contracts are only suggestive of upcoming closed deals and do not align perfectly, due to fallout rates and contract contingencies,” said NAR Chief Economist Dr. Lawrence Yun.