Explore the latest developments concerning Home prices across.
Home prices across the U.S. surge to all-time high
With a landmark housing affordability bill in political limbo, U.S. home prices have hit an all-time high.
The median price of existing homes in June was $440,660, up 1.8% from $432,700 a year ago, according to new data from the National Association of Realtors (NAR). Home prices have risen for 36 straight months.
"Housing affordability remains low under slowing wage growth and stronger home price growth," Ershang Liang, an economist with PNC Economics Research, said in a report.
The latest data underscores the affordability crunch facing many homebuyers. Home prices have climbed for decades, with the only major drop coming during the epic housing crisis that triggered the 2008-09 financial crisis. But costs skyrocketed during the pandemic as the Federal Reserve slashed interest rates to support the economy.
US existing home sales unexpectedly fall in June
WASHINGTON, July 9 (Reuters) – U.S. existing home sales unexpectedly fell in June as house prices hit a record high and mortgage rates remained elevated, pushing potential buyers to the sidelines.
Home sales dropped 2.4% last month to a seasonally adjusted annual rate of 4.09 million units, the National Association of Realtors said on Thursday. Economists polled by Reuters had forecast home resales would climb to a rate of 4.20 million units.
Sales increased in the Northeast, but declined in the Midwest, South and West.
Existing home sales are counted at the closing of a contract. Last month's sales likely reflected contracts signed in April and May. Though mortgage rates have retreated after surging in response to the war in the Middle East, the average rate on the popular 30-year fixed-rate mortgage remains about 45 basis points above its pre-conflict level, data from mortgage financing firm Freddie Mac showed.
Queen Mattress,12 Inch Hybrid Queen Size ,Individually Pocket Springs for Pressure Relief,Motion Isolation,CertiPUR-US
The dynamic landscape of current events often brings forth significant discussions. Monitoring these developments provides crucial insights.
For more detailed information, explore updates concerning Home prices across.
0 Comments