A record number of homebuyers are relocating to more affordable areas as rising mortgage rates, high home prices, inflation and economic concerns are starting to make some areas of the country out of reach for buyers.

At the same time, the median existing-home price rose 13.4% year over year to $416,000. 

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Nationwide, sales hit their highest level of the year, rising 4.7% from June but falling 17.6% on a year-over-year basis, RE/MAX said. 

July saw the NAHB/Wells Fargo Housing Market Index post its second-largest monthly drop ever, as worries about housing affordability dampened builder sentiment. 

High mortgage rates and increased prices are keeping homebuyers on the sidelines.

About 14.9% of home-purchase agreements nationwide fell through in June, the highest percentage in more than two years.

Today buyers are finding more inventory, slowing price growth, competition declines and dropping mortgage rates.

The number of homes available to buyers climbed 18.7% in June, the sharpest year-over-year increase in the history of the report.

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The increase ends a six-month string of monthly declines, the National Association of REALTORS® said.

Chicago mortgage payments have grown 37%, as housing affordability hits a 15-year low, according to a new report.  Zillow’s latest market report found rising mortgage costs, along with skyrocketing prices and interest rates have made mortgages less affordable than

New-home inventory rose to 444,000 homes in May from 437,000 homes in April, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.  

Meanwhile, existing-home sales slid 3.4% from April to a seasonally adjusted annual rate of 5.41 million, according to the National Association of REALTORS®. 

Realtor.com’s updated 2022 forecast sees housing demand returning to pre-pandemic levels.

Nationwide, sales fell 8.5% annually and rose 5.8% monthly, as rising interest rates and home prices weighed on homebuyers’ purchasing power, RE/MAX said.