Tag Archives: Realtor.com

Existing-home sales fell in June, as all four regions recorded year-over-year sales declines, according to NAR, with the South and West posting the largest decreases.

With nearly 26% fewer homes newly listed for sale compared to last year, active inventory slowed for the fourth month in a row, according to the Realtor.com Monthly Housing Trends Report for June.

Realtor.com has updated their forecast for the year, now saying mortgage rates could drop to 6% by the year’s end, but inventory woes are not likely to improve and could drop to numbers last seen in 2012.

NAR reports that existing-home sales recorded a slight gain of 0.2% to a seasonally adjusted annual rate of 4.3 million units.

The NAR says the market needs an additional 320,000 new home listings valued at no more than $256,000 so that borrowers earning below $75,000 can get into the market.

“Greater growth in cross-market activity in the Northeast has elevated the out-of-market shopping share from roughly on par with the Midwest and South in 2020 to a clear second place in 2023,” said Jiayi Xu, an economist for Realtor.com.

As reported by Realtor.com, home prices rose by 0.9% in May 2023, landing below numbers during pandemic and going further back to 2016.

The Latest S&P CoreLogic Case-Shiller Index found that the national index posted a 1.3% increase in March 2023 over the previous month.

NAR’s latest report reveals pending home sales were down across the U.S. on a year-over-year basis. Click through to find out what else the report revealed.

Existing-home sales dropped 3.4% to a seasonally adjusted annual rate of 4.28 million units at a median price of $388,800.