Tag Archives: Interest rates

The Realtor.com June 2023 Rental Report revealed that experts predict continuing rent declines and moderating inflation will help increase nationwide housing affordability, "providing a much-needed respite for renters and an opportunity to regain some control over their housing expenses," according to Realtor.com Chief Economist Danielle Hale.

June is typically the biggest month for home sales, according to the latest RE/MAX National Housing Report, with month-over-month sales rising 5.4% from May. Meanwhile, the average close-to-list price ratio was 100%, meaning homes sold for their average asking price.

A record low number of homes for sale have propped up prices, increasing the average home sales price to near record highs.

Today, a monthly budget of $3,000 can afford a home valued at $450,000—a far cry from the $510,000 home it could have purchased a year ago.

Due to the increased cost of living and evolving work trends, Americans are now moving to smaller cities with lower median home values, according to a new report from Gravy Analytics.

Against the squeeze of rising home prices and low inventory, many homebuyers need solutions to ease the anxiety associated with purchasing a new home.

While both listed and closed prices experienced positive year-over-year growth in June, experts predict that market activity will remain at relatively low levels heading into Q3 2023, with the Federal Reserve continuing to increase rates at a slow pace.

Consumer confidence in the housing market may have plateaued, according to Fannie Mae's Home Purchase Sentiment Index (HPSI), which remained mostly flat in June, as shrinking supply and affordability conditions continue to pose challenges.

Most service members, while realistic about challenges they may face in the current housing landscape, feel a home purchase is ‘within reach’ according to a new survey from Veterans United Home Loans.

"Despite sluggish pending contract signings, the housing market is resilient with approximately three offers for each listing," said NAR Chief Economist Lawrence Yun. "The lack of housing inventory continues to prevent housing demand from being fully realized."