Pending sales of existing homes dropped by 0.8% from May and 2.8% year-over-year in June, despite an increase in housing inventory. Affordability challenges persist, with only 28% of buyers believing it is a good time to purchase a home. The Northeast region was the only area with a rise in contract signings, while other regions experienced declines. Home prices reached a record high at a national median of $435,300, exacerbating buyer reluctance. Most housing economists anticipate modest growth in home prices through 2025 with little market correction expected.
Pending sales of existing homes dropped in June by 0.8% from May and 2.8% year-over-year, signaling a continuation of small declines despite an increase in housing inventory.
Affordability concerns, driven by elevated mortgage rates and record-high home prices, are sidelining many buyers, with only 28% believing it is a good time to buy a home according to Fannie Mae's June survey.
The Northeast region saw a monthly boost in contract signings, contrasting with declines in the Midwest, South, and West, highlighting regional differences in the housing market.
Home prices reached an all-time high in June, with the national median sales price at $435,300, up 2% from the previous year, exacerbating affordability challenges for buyers.
Collection
[
|
...
]