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03/11/2023

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09/03/2022

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Contract Signings, Down Again, May Have Hit Bottom
Pending home sales in July dropped nearly 20% year over year as the housing market continues to slow, according to NAR data. But a turnaround is in sight, says Lawrence Yun.

Affordability is taking a big hit, too, plunging in June to its lowest level since 1989, NAR reports. Rising mortgage rates have made home loans more expensive, adding to the cost of homeownership. The typical monthly mortgage payment was nearly $2,000 in June, up 54%—or $679—compared to just one year ago.

Home prices are still rising by double-digit percentages year over year, but annual price appreciation should moderate to the typical rate of 5% by the end of this year and into 2023,” Yun says. “With mortgage rates expected to stabilize near 6% alongside steady job creation, home sales should start to rise by early next year.”
Information from the National Association of Realtors
Chief Economist Lawrence Yun.

09/03/2020