By the Numbers
Nationally, the median sales price slid 2.9% from June but rose 8.1% from July 2021, while closed transactions were down 16.6% on a monthly basis and 26.3% on a yearly one, RE/MAX said in its National Housing Report.
A recent decline in mortgage rates could return some purchasing power to buyers going forward, National Association of REALTORS® chief economist Lawrence Yun said.
The pace of housing starts for both single-family and multifamily residences was down on a month over month basis, the U.S. Department of Housing and Urban Development reported.
The NAHB/Wells Fargo Housing Market Index fell for the eighth straight month in August, as the key measure of builder confidence indicated a pessimistic outlook.
Home prices were up 17.6% in Houston on a year-over-year basis, compared to 18.3% nationwide, CoreLogic reported, citing its Home Price Index.
“Contract signings to buy a home will keep tumbling down as long as mortgage rates keep climbing, as has happened this year to date.” — National Association of Realtors chief economist Lawrence Yun
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.
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.