The National Association of Realtors® reported on July U.S. home sales this week. The information below is based on a subset of its reporting. For the full report, click here.
Category: Real Estate
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Reducing Mortgage Costs
Home affordability poses a significant challenge, with 60% of U.S. cities experiencing home price increases in the second quarter, as indicated by data from the National Association of REALTORS®. The median monthly mortgage payment for a typical existing single-family home stands at over $2,200, factoring in recent average mortgage rates.
Homebuilder confidence experienced its first decline this year in August, reflecting the challenges posed by a 7% mortgage rate and dwindling housing affordability. The recent report from the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) revealed a 6-point drop in builder confidence from July, resulting in a reading of 50.
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International Buyers
Foreign buyers purchased 9.6% less (in total dollars) of real estate for the latest 12-month period tracked when compared to the previous year, according to a new report from the National Association of Realtors (NAR). That said, the average ($639,900) and median ($396,400) existing-home sales prices among international buyers were the highest ever recorded by NAR.
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Tips for Home Buyers
The infographic below contains tips from the Florida Realtors Association to realtors to help buyers make informed decisions. I thought it would be good to share with you as well.
