The median price of a new home sold during the month was up 5.9%, however, according to figures from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. 

Nationally, the median sales price slid 2.9% from June but rose 8.1% from July 2021, while closed transactions were down 16.6% on a monthly basis and 26.3% on a yearly one, RE/MAX said in its National Housing Report.

A recent decline in mortgage rates could return some purchasing power to buyers going forward, National Association of REALTORS® chief economist Lawrence Yun said. 

The pace of housing starts for both single-family and multifamily residences was down on a month over month basis, the U.S. Department of Housing and Urban Development reported. 

Seattle had one of the highest rates of homebuyer competition in July.

The NAHB/Wells Fargo Housing Market Index fell for the eighth straight month in August, as the key measure of builder confidence indicated a pessimistic outlook. 

Which Snohomish County town was named the most affordable for nomadic living in the nation?

Homebuyers may catch a break this month as rates have come down nearly a point from the recent high on fears of a recession.

Redmond was No. 8 nationally, with an average monthly rent of $4,222.

The 2.01 months of housing supply in July is the most since it was 2.3 months three-and-a-half years ago.

The national rental vacancy rate dropped to 5.6% in the second quarter of the year while the homeowner vacancy rate remained at 0.8%.

Home prices were up 18.3% on a year-over-year basis and 0.6% month over month. Looking ahead, CoreLogic expects year-over-year appreciation to slow to 4.3% by June 2023. 

“Contract signings to buy a home will keep tumbling down as long as mortgage rates keep climbing, as has happened this year to date.” — National Association of Realtors chief economist Lawrence Yun  

At the same time, the inventory of new homes for sale rose 10.7%, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.

Housing data for May 2022 continued strong, as price gains decelerated slightly from very high levels,” Craig J. Lazzara, managing director at S&P DJI, said.

The pace of new multifamily construction, however, jumped, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.