Rising mortgage rates combined with the steady increase in home prices has pushed prospective homebuyers out of the market in recent months, new data shows.
National Association of Home Builders CEO Jerry Howard addresses the 'huge drop' in the homebuilder sentiment index on 'Varney & Co.'and the relentless increase in home values slowed activity by pushing prospective homebuyers out of the market.
Sales of previously owned homes tumbled 5.4% in June from the previous month to an annual rate of 5.12 million units, the lowest level since March 2020, according to new data released Wednesday by the National Association of Realtors. It marks the fifth consecutive month that sales have declined. On an annual basis, home sales plunged 14.2% in June.
Despite the slowdown in sales, the national median home price surged higher in June, hitting a new record of $416,000. That's up 13.4% from the previous year and is an increased from a revised $408,400 in May. "Falling housing affordability continues to take a toll on potential home buyers," NAR chief economist Lawrence Yun said. "Both mortgage rates and home prices have risen too sharply in a short span of time."
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