Current Market Data
“Housing data for May 2022 continued strong, as price gains decelerated slightly from very high levels,” Craig J. Lazzara, managing director at S&P DJI, said.
At the same time, the inventory of new homes for sale rose 10.7%, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.
The pace of new multifamily construction, however, jumped, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
Inflation and high mortgage rates are impacting potential homebuyers which means fewer sales, more supply and a drop in home prices.
A record number of homebuyers are relocating to more affordable areas as rising mortgage rates, high home prices, inflation and economic concerns are starting to make some areas of the country out of reach for buyers.
At the same time, the median existing-home price rose 13.4% year over year to $416,000.
Nationwide, sales hit their highest level of the year, rising 4.7% from June but falling 17.6% on a year-over-year basis, RE/MAX said.
July saw the NAHB/Wells Fargo Housing Market Index post its second-largest monthly drop ever, as worries about housing affordability dampened builder sentiment.
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.