High mortgage rates and increased prices are keeping homebuyers on the sidelines.

About 14.9% of home-purchase agreements nationwide fell through in June, the highest percentage in more than two years.

Today buyers are finding more inventory, slowing price growth, competition declines and dropping mortgage rates.

The number of homes available to buyers climbed 18.7% in June, the sharpest year-over-year increase in the history of the report.

The latest S&P CoreLogic Case-Shiller Index reveals big news about South Florida real estate.

The increase ends a six-month string of monthly declines, the National Association of REALTORS® said.

The hit to affordability has lessened demand, eased price growth, slowed sales and boosted inventory

New-home inventory rose to 444,000 homes in May from 437,000 homes in April, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.  

The median sale prices for single-family homes in both Broward and Palm Beach counties jumped by more than $120,000 year over year.

Meanwhile, existing-home sales slid 3.4% from April to a seasonally adjusted annual rate of 5.41 million, according to the National Association of REALTORS®. 

Realtor.com’s updated 2022 forecast sees housing demand returning to pre-pandemic levels.

Nationwide, sales fell 8.5% annually and rose 5.8% monthly, as rising interest rates and home prices weighed on homebuyers’ purchasing power, RE/MAX said.

New-home completions rose during the month, however, with the increased inventory representing a rare bright spot in an otherwise gloomy government report. 

Mortgage lending took a nose dive across the U.S. in the first quarter of 2022

Redfin economists say they expect the cooldown in budgets to lead to a cooldown in price growth over the next few months. 

Worsening affordability challenges are affecting first-time homebuyers