The US housing market began the year in a state of rebalance, with many buyers and sellers remaining cautious while they wait to see where the market is headed. Nationally, pending sales rose 2.5% month-to-month, marking the first increase since May, while sales of existing homes fell 1.5% as of last measure, according to the National Association of Realtors® (NAR). Demand for housing persists, but higher mortgage interest rates have cut into housing affordability, with total home sales down 17.8% last year compared to 2021.

New Listings increased 9.1 percent for single-family homes but remained flat for townhouse-condo properties. Pending Sales decreased 7.8 percent for singlefamily homes and 19.4 percent for townhouse-condo properties. Inventory increased 1.8 percent for single-family homes but decreased 3.4 percent for townhouse-condo properties. The Median Sales Price was up 6.3 percent to $420,000 for single-family homes and 31.3 percent to $362,000 for townhouse-condo properties. Days on Market decreased 10.5 percent for single-family homes but remained flat for townhouse-condo properties. Months Supply of Inventory increased 22.2 percent for detached homes but remained flat for townhouse-condo properties.

As sales slow, time on market is increasing, with the average home spending 26 days on market as of last measure, according to NAR. Seller concessions have made a comeback, giving buyers more time and negotiating power when shopping for a home. Although home prices remain high, mortgage rates declined steadily throughout January, falling to their lowest level since September, sparking a recent surge in mortgage demand. Lower rates should aid in affordability and may soon lead to an uptick in market activity ahead of the spring selling season.

Considering a move and wondering what your options are in this market? We're here to help. Contact us today.

Existing home sales declined nationwide for the eighth consecutive month, falling 1.5% as of last measure, according to the National Association of REALTORS® (NAR), with sales down nearly 24% from the same period last year. Pending home sales also declined, dropping 10.9% month-to-month, exceeding economists’ expectations. Stubbornly high inflation and soaring borrowing costs have eroded buyer purchasing power and have caused the market to cool rapidly this year.

New Listings decreased 9.2 percent for single-family homes and 2.1 percent for townhouse-condo properties. Pending Sales decreased 21.0 percent for single-family homes but increased 1.9 percent for townhouse-condo properties.

Inventory decreased 9.0 percent for single-family homes and 29.2 percent for townhouse-condo properties.The Median Sales Price was up 9.8 percent to $435,000 for single-family homes and 16.3 percent to $330,000 for townhouse-condo properties. Days on Market decreased 6.7 percent for single-family homes and 45.8 percent for townhouse condo properties. Months Supply of Inventory increased 6.7 percent for single-family homes but increased 25.0 percent for townhouse-condo properties.

The US housing market is undergoing a major shift, and affordability continues to be an obstacle for buyers and sellers. Mortgage rates have doubled since March, and home prices remain elevated due to a limited supply of homes, although price gains are slowing at a quickening pace. As a result, many homeowners are waiting until market conditions improve to sell their home, while other sellers are increasingly cutting prices and offering concessions to attract a greater number of buyers.

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

Summer 2022 has been a season of change for the U.S. real estate market. With housing affordability at a 33-year low, existing-home sales have continued to soften nationwide, falling 5.9% month-to-month and 20.9% year-over-year as of last measure, according to the National Association of REALTORS® (NAR). Pending home sales have also continued to decline, a while new listings have steadily increased, with unsold inventory reaching 3.3 months’ supply at the start of August. The pullback in demand has been particularly hard on homebuilders, causing new-home sales and construction to slow.

New Listings decreased 10.7 percent for single-family homes but increased 16.4 percent for townhouse-condo properties. Pending Sales decreased 5.5 percent for single-family homes but increased 1.4 percent for townhouse-condo properties. Inventory decreased 22.8 percent for single-family homes and 32.8 percent for townhouse-condo properties.

The Median Sales Price was up 9.5 percent to $450,000 for single-family homes and 32.5 percent to $330,000 for townhouse-condo properties. Days on Market remained flat for single-family homes but decreased 9.1 percent for townhouse- condo properties. Months Supply of Inventory decreased 5.9 percent for single- family homes and 30.0 percent for townhouse-condo properties.

Inflation, higher interest rates, and fears of a potential recession have taken a toll on buyers and sellers this summer, leading many people to stay on the sidelines to see what will happen with the market. But some experts, including NAR Chief Economist Lawrence Yun, believe the worst of inflation may be over. Although sales prices remain up from this time last year, price growth is expected to moderate in the months ahead as the market continues to shift in a more buyer-friendly direction.”

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.

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.