US home prices hit an all-time high as sales slow and mortgage rates rise
The median home price rose 1.8% to a record $440,600 as 30-year mortgage rates climbed to 6.49%, NAR said.
- On Thursday, the National Association of Realtors reported existing home sales fell 2.4% in June to 4.09 million units, while the median price hit a record high.
- High mortgage rates coupled with record-high home prices are causing homebuyers to pull back, as market activity remains sluggish this year following inflation concerns tied to the war between the U.S. and Iran.
- Lawrence Yun, the Realtors' chief economist, said "the back-and-forth in monthly home sales activity, driven by mild fluctuations in mortgage rates, shows how sensitive home buyers are to affordability conditions." Inventory at month-end was 1.56 million units, up 1.3% year-over-year.
- The market remains skewed toward luxury properties, with sales above $1 million up 18% from the prior year. Regionally, sales declined everywhere except the Northeast.
- "It is critical to introduce more supply to the market to widen the opportunity for homeownership," Yun said, warning that progress on long-term affordability could be hampered if inventory growth stalls.
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72 Articles
Home Prices Hit Record High Despite Sluggish Market
Sales of previously occupied US homes slowed in June, but a key measure of home prices climbed to an all-time high, adding to affordability challenges for prospective homebuyers. Existing home sales fell 2.4% last month from May to a seasonally adjusted annual rate of 4.09 million units, the...
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US existing home sales dip in June as cost worries persist
Existing home sales fell by 2.4 percent on a month-on-month basis, to a seasonally adjusted annual rate of 4.09 million, said the National Association of Realtors (NAR). This came as average mortgage rates ticked up. "The back-and-forth in monthly home sales activity, driven by mild fluctuations in mortgage rates, shows how sensitive home buyers are to affordability conditions," said NAR chief economist Lawrence Yun in a statement. He added that…
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