An update on the housing market

The median existing home price in the US hit a record $416,000 in June, a 13.4% increase from the previous year, per new data published yesterday by the National Association of Realtors.

🔢🏘 The housing market by the numbers…

• US existing home sales declined 5.4% month-over-month to an annual rate of 5.12 million, the lowest since June 2020.
• Some 60,000 home sales were canceled last month, equal to 15% of all transactions, per Bloomberg.
• Mortgage demand fell last week to its lowest point since 2000, per the Mortgage Bankers Association. Average interest rates on a 30-year fixed mortgage (5.5%) have nearly doubled since last year.

📸 The big picture: Despite higher prices and fewer overall deals, homes are selling faster than ever – properties remained on the market an average of 14 days in June, the fewest on record going back to 2011 (down from 16 days in May and 17 in April, per the NAR).

+One interesting thing: The largest year-over-year jump in home prices occurred in Miami (+40.1%), Orlando (+30.6%), and Nashville (+30.6%).