By the Numbers

While interest rates continue to edge down, sales have not picked up heading into summer: “This will take many years to work itself out.”

May sales were well below April numbers and down 16.5% year-over-year, a sign that builder incentives may not be enough to overcome high rates and prices.

The median sale price for existing homes hit a record $419,300 in May, NAR reported, but home sales were lackluster and new construction has cooled.

There could be a window of opportunity for would-be buyers as mortgage rates continue to ease and homes sit on the market longer, prompting price cuts.

It’s all about housing, which has an outsized effect on the Consumer Price Index — and is contributing to the Fed’s lack of action on interest rates.

ATTOM researchers found that counties around Chicago and NYC, as well as several in inland California, would be the most vulnerable in a housing downturn.

Buyers have more inventory to choose from, but the uptick in demand could be short-lived as the lock-in effect and price growth continue to stymie sales.

The Federal Reserve left rates unchanged despite some easing of inflation, but signaled that more cuts are likely next year.

A new survey of lenders reveals a 38 basis point difference between mortgage rates by state, which can mean hundreds of dollars a year for borrowers.

Fannie Mae’s sentiment index hit a new low in May, with only 14% saying now is a good time to buy a home, but sales activity is expected to increase.

According to a new CoreLogic report, the typical homeowner saw their home equity increase by $28,000 over the past year.

Despite an increase in supply, affordability continues to keep many buyers on the sidelines, and rates aren’t expected to fall significantly this year.

A new report from Realtor.com reveals a massive increase in price per square foot over the past five years.

91% of Gen Zers in a recent survey said the cost of housing will play into who they vote for in November’s presidential election.

The share of homes with price drops reached an 18-month high as sellers try to jumpstart buyer interest in stale listings, Redfin reported.

After dipping below 7% last week, interest rates ticked back up, while pending sales hit a four-year low.

The latest Case-Shiller index reported another record high, with U.S. home prices increasing 6.5% year-over-year in March.

Buyers may be able to take advantage of lower rates and increasing inventory, but many are still priced out, dampening sales.

Despite the sluggish pace, inventory is up, which is “nudging the market in a more buyer-friendly direction.”

With many owners of existing homes hesitant to give up their low mortgage rates, new homes continue to account for an outsize share of the market.