The U.S. housing market has continued to cool, as rising mortgage rates have escalated to 6% and record-high sales prices have stifled affordability, weakening demand and pricing out a multitude of buyers. Nationally, median household income has failed to keep pace with increasing mortgage payments, with the costs of buying a home about 80% more expensive now than they were just three summers ago, according to the National Association of REALTORS® (NAR). As more and more prospective buyers find their home purchase plans delayed, many are turning to the rental market, where competition has intensified due to increased demand.
• Single Family Closed Sales were down 19.2 percent to 7,115.
• Townhouse-Condo Closed Sales were down 22.2 percent to 2,129.
• Single Family Median Sales Price increased 10.9 percent to $510,000.
• Townhouse-Condo Median Sales Price increased 12.1 percent to $350,000.
• Adult Communities Median Sales Price increased 12.5 percent to $315,000.
At a time of year when homebuying activity is typically very strong, soaring homeownership costs have caused home sales to decline nationwide for the fifth consecutive month, with existing-home sales falling 5.4% month-to-month and 14.2% year-over-year as of last measure, according to NAR. But there is a bright
spot. Inventory of existing homes has continued to climb this summer, with 1.26 million homes available at the beginning of July, equivalent to a 3 months’ supply.
Despite the summer slowdown, homes are still selling quickly, with the typical home staying on market an average of 14 days. Remember, the housing market is local therefore depending on the county and township/city pricing and days on market vary. If a home is priced correctly, there are many instances of multiple offers for the seller however, the trend of 10+ offers is waning.
Interested in learning more about the market in your specific township? Reach out to http://www.judychinhomes.com
