Current Market Data
The U.S. Census Bureau and the Department of Housing and Urban Development reported that the median sales price slid to $361,800 from $380,700 in May.
At the same time, the median existing-home price for all housing types in May was up 23.4% on an annual basis, as every region in the country registered price increases.
Meanwhile, the seasonally adjusted purchase index declined 6% from the previous week, the Mortgage Bankers Association reported.
Privately owned housing units authorized by building permits in June came in at a seasonally adjusted annual rate of
1,598,000, down 5.1 % from the revised May rate of 1,683,000, but 23.3% above the year-ago rate of 1,296,000.
July’s reading of 80 was down one point from June, but still signaled strong demand for housing, the National Association of Home Builders said.
During the four-week period ended July 11, the average weekly share of homes for sale with a price drop passed 4% for the first time since September 2020.
How luxurious is the American real estate market? You may be surprised.
Meanwhile, the Mortgage Bankers Association’s seasonally adjusted purchase index rose 8% from the previous week.
The competitive homebuying market showed signs of loosening up last month as bidding wars dropped from May despite being higher than they were a year ago.
Adjectives reflecting the desire for privacy and physical isolation gained a place of prominence: “private,” “covered,” “quiet,” “separate” and “enclosed” were among the top 100 most-used description terms.