The Northwest Vermont REALTOR® Association (NVRA) has released its market statistics for July 2022. The information is derived from data contained in the New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.

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.

New Listings decreased 32.5 percent for single-family homes and 41.7 percent for townhouse-condo properties. Pending Sales decreased 30.0 percent for single-family homes and 30.1 percent for townhouse-condo properties. Inventory decreased 22.4 percent for single-family homes and 49.3 percent for townhouse-condo properties.

The Median Sales Price was up 9.3 percent to $437,000 for single-family homes and 24.3 percent to $360,500 for townhouse-condo properties. Days on Market decreased 48.0 percent for single-family homes but increased 69.2 percent for townhouse-condo properties. Months Supply of Inventory decreased 11.1 percent for single-family homes and 36.4 percent for townhouse-condo properties.

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.

Do you have questions about the current market? We're here to help. Contact us today.

Rising inflation, soaring home prices, and increased mortgage interest rates have combined to cause a slowdown in the U.S. housing market. To help quell inflation, which reached 8.6% as of last measure in May, the Federal Reserve raised interest rates by three quarters of a percentage point in June, the largest interest rate hike since 1994. Higher prices, coupled with 30-year fixed mortgage rates approaching 6%, have exacerbated affordability challenges and rapidly cooled demand, with home sales and mortgage applications falling sharply from a year ago.

New Listings decreased 11.8 percent for single-family homes and 20.4 percent for townhouse-condo properties. Pending Sales decreased 19.6 percent for single-family homes and 9.0 percent for townhouse-condo properties. Inventory decreased 22.3 percent for single-family homes and 38.5 percent for townhouse-condo properties.

The Median Sales Price was up 19.5 percent to $460,000 for single-family homes and 23.3 percent to $357,555 for townhouse-condo properties. Days on Market decreased 47.8 percent for single-family homes and 41.4 percent for townhouse-condo properties. Months Supply of Inventory decreased 12.5 percent for single-family homes and 33.3 percent for townhouse-condo properties.

With monthly mortgage payments up more than 50% compared to this time last year, the rising costs of homeownership have sidelined many prospective buyers. Nationally, the median sales price of existing homes recently exceeded $400,000 for the first time ever, a 15% increase from the same period a year ago, according to the National Association of REALTORS®. As existing home sales continue to soften nationwide, housing supply is slowly improving, with inventory up for the second straight month. In time, price growth is expected to moderate as supply grows; for now, however, inventory remains low, and buyers are feeling the squeeze of higher prices all around.

Do you have questions about the current market? We're here to help. Contact us today.

July's Hidden Home is a delightful lakefront cottage located on North Hero’s east shore. Tucked among the trees is this well-cared-for cottage that has outstanding views of Lake Champlain, the Green Mountains and Butler Island.

After two years of record-setting activity, there are signs the housing market might be cooling. High home prices and a surge in mortgage interest rates are slowing buyer activity, with home sales declining for the third consecutive month under the weight of soaring homeownership costs. The National Association of REALTORS® (NAR) reports existing home sales were down 2.4% from the previous month, while pending sales fell 3.9% as of last measure, extending the trend of recent months. Economists predict sales will continue to soften in the near future, which may put downward pressure on home prices.

New Listings decreased 6.7 percent for single-family homes but increased 17.9 percent for townhouse-condo properties. Pending Sales remained flat for single-family properties but increased 20.8 percent for townhouse-condo properties. Inventory decreased 35.8 percent for single-family homes and 28.3 percent for townhouse-condo properties. The Median Sales Price was up 15.8 percent to $439,950 for single-family homes and 26.7 percent to $332,500 for townhouse-condo properties. Days on Market decreased 29.0 percent for single-family homes and 50.0 percent for townhouse-condo properties. Months Supply of Inventory decreased 28.6 percent for single-family homes and 25.0 percent for townhouse-condo properties.

The slowdown in sales has provided a much-needed lift to housing supply, with inventory up 10.8% from the previous month according to NAR, although supply remains down 10.4% compared to this time last year, with only 2.2 months’ supply of homes at the current sales pace. As the nation continues to explore ways to solve the ongoing housing shortage, estimated at 5.5 million homes, the Biden administration recently unveiled the Housing Supply Action Plan, which aims to expand housing access through a number of administrative and legislative actions and help relieve the nation’s housing crisis over the next 5 years.

Do you have questions about the current market? We're here to help. Contact us today.

We are pleased to announce the release of our latest video series, Living In Vermont, that highlights life in the Lake Champlain Islands. Our in-house marketing team created these videos to educate viewers about the five Island towns and Grand Isle County. They showcase wonderful elements that give you an inside look at what life looks like living along Lake Champlain. Like, Subscribe and share these videos with anyone looking to move to the islands!

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