Pending sales of existing homes dropped 0.8% in June and 2.8% year-over-year, reducing summer market expectations. The supply of homes increased by 29% compared to last year, but buyer reluctance remains high due to affordability issues stemming from elevated mortgage rates and record-high prices. A Fannie Mae survey shows only 28% of homebuyers feel it is a good time to buy. The Northeast region experienced a 2.1% rise in contract signings, diverging from the overall decline and indicating some local market strength amid these challenges.
Pending sales of existing homes dropped 0.8% in June from May and 2.8% year-over-year, dimming hopes for a summer surge in the housing market.
Affordability remains a major concern as elevated mortgage rates and record-high home prices sideline many prospective buyers, with just 28% viewing it as a good time to buy.
The Northeast region saw a 2.1% increase in contract signings despite overall declining trends, indicating localized market resilience.
The national median sales price for existing homes reached an all-time high of $435,300 in June, reflecting a 2% increase from a year ago.
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