08/01/2022
NATIONAL MARKET UPDATE
New Home Sales dove 8.1% in June, and are now down 17.4% from a year ago. This was blamed on declining affordability. Median prices are up 7.4% from a year ago. though they've fallen two months straight.
Pending Home Sales slipped 8.6% in June. The NAR’s chief economist blamed it on climbing mortgage rates, but added, “There are indications that mortgage rates may be topping or very close to a cyclical high in July.”
Home price growth is also slowing. The Case-Shiller index reported annual price gains decelerated in May, and the FHFA index of prices for homes financed with conforming mortgages dipped from its February peak.
~Brad Boswell