Homeowners are refusing to sell and hunkering down with their ultra-low mortgage rates.
US home prices continued to fall in June compared to a year ago, but that may not be much comfort to home buyers. Even after falling, June’s median price hit the
Sales of existing homes — which include single-family homes, townhomes, condominiums and co-ops — dropped below expectations and were down 3.3% from May to June. Annually, sales were down 18.9% from a year ago, and the seasonally adjusted annualized sales pace dropped from 5.13 million units a year ago to 4.16 million in June.
And, although economists don’t rely on month-to-month comparisons because there is too much variability, buyers can see that the NAR’s median price has risen each of the past five months, even as they fell year-over-year. The primary reason prices are staying elevated is the historically low inventory. And even though there are fewer buyers in the market, those who are compete for the same handful of homes coming to market.One small consolation is that the share of homes selling in a bidding war isn’t as high as last year, when 51% of properties went over the asking price.
While the ratio of existing homes for sale to new homes for sale is typically 5 to 1, said Yun, with the inventory of new homes for sale robust at aboutYun said that the biggest change in the market that would shake loose inventory would be for mortgage rates to drop. Some experts have said that it would take a“Homeowners are loving their 3% interest rate they bought or refinanced into,” said Yun. “Even if they are buying a same-priced home, their monthly payments would rise by about $1,000.
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