June’s featured home is an idyllic Isle La Motte Island Farmhouse hidden in plain site with vintage trim and wrap-around porch surrounded by gracious maple trees, perennials on 2.5 acres. Outside the property has a large barn and new chicken coop. Relax and enjoy contemplative moments while walking the 60 feet diameter stone labyrinth.
The average 30-year fixed rate mortgage exceeded 5% in April, the highest level since 2011, according to Freddie Mac. The recent surge in mortgage rates has reduced the pool of eligible buyers and has caused mortgage applications to decline, with a significant impact on refinance applications, which are down more than 70% compared to this time last year. As the rising costs of homeownership force many Americans to adjust their budgets, an increasing number of buyers are hoping to help offset the costs by moving from bigger, more expensive cities to smaller areas that offer a more affordable cost of living.
New Listings decreased 27.2 percent for single-family homes but remained flat for townhouse-condo properties. Pending Sales decreased 19.7 percent for single-family homes but increased 34.4 percent for townhouse-condo properties. Inventory decreased 40.7 percent for single-family homes and 48.6 percent for townhouse-condo properties.
The Median Sales Price was up 21.8 percent to $432,250 for single-family homes and 26.4 percent to $350,000 for townhouse-condo properties. Days on Market decreased 41.7 percent for single-family homes and 48.9 percent for townhouse-condo properties. Months Supply of Inventory decreased 30.8 percent for single-family homes and 45.5 percent for townhouse-condo properties.Affordability challenges are limiting buying activity, and early signs suggest competition for homes may be cooling somewhat.
Nationally, existing home sales are down 2.7% as of last measure, while pending sales dropped 1.2%, marking 5 straight months of under contract declines, according to the National Association of REALTORS®. Inventory remains low, with only 2 months supply at present, and home prices continue to rise, with the median existing home at $373,500, a 15% increase from this time last year. Homes are still selling quickly, however, and multiple offers are common in many markets.
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Nationally, existing home sales recently dropped to a 6-month low, falling 7.2% as buyers struggled to find a home amid rising prices and historic low inventory. Pending sales are also down, declining 4.1% as of last measure, according to the National Association of REALTORS®. Builders are working hard to ramp up production—the U.S. Census Bureau reports housing starts are up 22.3% compared to a year ago—but higher construction costs and increasing sales prices continue to hamper new home sales, despite high demand for additional supply.
New Listings decreased 12.7 percent for single-family homes and 12.5 percent for townhouse-condo properties. Pending Sales decreased 7.7 percent for single-family homes and 21.9 percent for townhouse-condo properties. Inventory decreased 38.2 percent for single-family homes and 33.3 percent for townhouse-condo properties. The Median Sales Price was up 20.7 percent to $420,000 for single-family homes and 21.0 percent to $337,500 for townhouse-condo properties. Days on Market decreased 26.3 percent for single-family homes but increased 14.8 percent for townhouse-condo properties. Months Supply of Inventory decreased 38.5 percent for single-family homes and 25.0 percent for townhouse-condo properties.
Across the country, consumers are feeling the bite of inflation and surging mortgage interest rates, which recently hit 4.6% in March, according to Freddie Mac, rising 1.4 percent since January and the highest rate in more than 3 years. Monthly payments have increased significantly compared to this time last year, and as housing affordability declines, an increasing number of would-be homebuyers are turning to the rental market, only to face similar challenges as rental prices skyrocket and vacancy rates remain at near-record low.
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The U.S. real estate market remains hot ahead of the spring selling season, with existing home sales up 6.7% as of last measure, according to the National Association of REALTORS®. Experts attribute the growth in sales to an uptick in mortgage interest rates, as buyers rushed to lock down their home purchases before rates move higher. Mortgage rates have increased almost a full percentage point since December, with the average 30-year fixed-rate mortgage briefly exceeding 4% in February, the highest level since May 2019.
New Listings decreased 4.6 percent for single-family homes and 5.4 percent for townhouse-condo properties. Pending Sales decreased 17.3 percent for single family homes but increased 3.6 percent for townhouse-condo properties.
Inventory decreased 42.7 percent for single-family homes and 54.5 percent for townhouse-condo properties.
The Median Sales Price was up 12.5 percent to $365,500 for single-family homes and 24.0 percent to $310,000 for townhouse-condo properties. Days on Market decreased 35.7 percent for single-family homes and 66.7 percent for townhouse-condo properties. Months Supply of Inventory decreased 41.7 percent for single-family homes and 57.1 percent for townhouse-condo properties.
Inventory was at an all-time low of 860,000 as February began, down 17% from a year ago and equivalent to 1.6 months supply. According to Lawrence Yun, Chief Economist at the National Association of REALTORS®, much of the current housing supply is concentrated at the upper end of the market, where inventory is increasing, while homes priced at the lower end of the market are quickly disappearing, leaving many first-time buyers behind.
The shortage of homes is boosting demand even further, and with bidding wars common in many markets, it’s no surprise sales prices continue to soar.
Wondering what your home is worth in your current market? Get a free market analysis today!
