Tag Archives: median home prices

Annually, new listings of homes for sale dropped nearly 26%, falling below their previous pandemic lows, according to Realtor.com.

“Over the last two months, the impact of major increases in mortgage rates and inflation have finally been realized in the slowing rate of home price appreciation. It is once again clear that home prices are not impervious to the broader economic conditions around the country,” noted Steve Gaenzler, SVP of Products, Data and Analytics for homegenius Real Estate.

Despite median home prices rising faster than the average weekly wage, the cost of renting continues to eclipse the cost of owning a home in nearly two-thirds of U.S. markets.

After rising above the 3% mark last week, mortgage rates dipped this week, with low and stable rates continuing to drive a booming market.

Continued low inventory and increasing affordability issues remain obstacles in a market experiencing continued low rates, as NAR issues key data gauging the course of the market to wrap up Q2.

Even with rates bordering the 3% mark, both purchase applications and refi volume saw slight declines this week with the continued cloud of low inventory and high prices factoring into homebuyer’s decisions.

With housing inventory drastically reduced, prospective buyers are jumping on the short supply, and listings are spending less and less time on the market.

What factors are driving the comparative drop in inventory since December 2019? Click through for full details.

Two new data reports highlight increasing median home prices and decreasing affordable homeownership opportunities.

Here’s a look at the factors that caused the annual drop in single-family new-home sales and its impact on builder confidence and homebuyer sentiments.