By the Numbers

Affordability has remained a problem in much of the country, even as supply has increased. But a few areas, led by Tampa, are becoming more accessible.

Mortgage rates remained nearly flat as the market awaits the Fed’s next move. Meanwhile, inventory is still growing — but “sellers are pulling back.”

Upward of 56,000 home purchase contracts — nearly 15% of all such contracts from June — were canceled, a new report found, largely due to affordability issues.

At $426,900, the median sale price for existing homes set another record in June, but inventory also rose, suggesting a “slow shift” to a buyer’s market.

Despite falling rates, homebuyer demand remains weak. Now could be a chance to make offers before inventory tightens and prices rise further, one expert says.

High mortgage rates, which increase the cost of buying, should push prices down — right? But the relationship between rates and home prices isn’t that simple.

The Fed is expected to cut rates in September, which may spur buyer activity — but after Canada’s central bank cut rates for the first time in June, sales fell.

Biden calls out corporate profits in pitch for targeted rent limits, while the FHFA unveiled new tenant protections on Fannie- and Freddie-financed housing.

So much for that housing market recovery everyone was expecting. Builders and boomers could provide bright spots, but what about the NAR settlement?

Mortgage rates dipped this week, and the latest inflation and jobs data increase the chance of a rate cut in September.

Supply is well above last year’s levels, but lower mortgage rates will be key to luring buyers into the market.

Bucking industry trends, consumer sentiment is at the highest level in more than two years, according to Fannie Mae’s latest survey.

Austin, Boise, Phoenix and Salt Lake City home prices soared during Covid, and while gains have slowed, they haven’t “seen anything resembling a price crash.”

With average rates approaching 7%, it’s still a tough housing market — but there are signs it may be easing.

ATTOM’s midyear review looks at where housing supply is headed along with what to expect with home prices and foreclosures.

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.