By the Numbers
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.
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.
At the same time, the median existing-home price rose 13.4% year over year to $416,000.
Nationwide, sales hit their highest level of the year, rising 4.7% from June but falling 17.6% on a year-over-year basis, RE/MAX said.
July saw the NAHB/Wells Fargo Housing Market Index post its second-largest monthly drop ever, as worries about housing affordability dampened builder sentiment.
The latest data from NWMLS shows a real estate market shifting to something that resembles normalcy after years of a frenzied sellers’ market.
What does the latest S&P CoreLogic Case-Shiller Index show about Seattle real estate?
The increase ends a six-month string of monthly declines, the National Association of REALTORS® said.