The U.S. housing market has continued to cool, as rising mortgage rates 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 17.6 percent to 2,460.
- Townhouse-Condo Closed Sales were down 20.9 percent to 540.
- Adult Communities Closed Sales were down 23.4 percent to 59.
- Single Family Median Sales Price increased 6.7 percent to $560,000.
- Townhouse-Condo Median Sales Price increased 8.3 percent to $349,950.
- Adult Communities Median Sales Price increased 11.7 percent to $430,000.
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. And despite the summer slowdown, homes are still selling quickly, with the typical home staying on market an average of 14 days.