By the Numbers

Existing-home sales rise again in July
Existing-home sales rise again in July

“Much of the home-sales growth is still occurring in the upper-end markets, while the mid- to lower-tier areas aren’t seeing as much growth because there are still too few starter-homes available.” — NAR chief economist Lawrence Yun

New-home construction falls in July
New-home construction falls in July

“The bright spot in an otherwise underwhelming report comes from the increase in the overall number of permits issued, which can signal how much home construction is in the pipeline.” — First American deputy chief economist Odeta Kushi

Housing affordability hits 10-year low
Housing affordability hits 10-year low

Just 56.6% of homes sold during the quarter were affordable to families earning the U.S. median income of $79,900, according to the National Association of Homebuilders/Wells Fargo Housing Opportunity Index.

New-home sales fall 6.6% in June
New-home sales fall 6.6% in June

The U.S. Census Bureau and the Department of Housing and Urban Development reported that the median sales price slid to $361,800 from $380,700 in May.

Existing-home sales reverse four-month decline in June
Existing-home sales reverse four-month decline in June

At the same time, the median existing-home price for all housing types in May was up 23.4% on an annual basis, as every region in the country registered price increases.

Mortgage applications fall as interest rates rise
Mortgage applications fall as interest rates rise

Meanwhile, the seasonally adjusted purchase index declined 6% from the previous week, the Mortgage Bankers Association reported.

Housing starts tick higher in June
Housing starts tick higher in June

Privately owned housing units authorized by building permits in June came in at a seasonally adjusted annual rate of 1,598,000, down 5.1 % from the revised May rate of 1,683,000, but 23.3% above the year-ago rate of 1,296,000.

NAHB: Builder confidence drops again on materials costs, supply-chain woes
NAHB: Builder confidence drops again on materials costs, supply-chain woes

July’s reading of 80 was down one point from June, but still signaled strong demand for housing, the National Association of Home Builders said.

Redfin: Housing market could be reaching something of an equilibrium
Redfin: Housing market could be reaching something of an equilibrium

During the four-week period ended July 11, the average weekly share of homes for sale with a price drop passed 4% for the first time since September 2020.

Mortgage applications surge 16% as interest rates fall
Mortgage applications surge 16% as interest rates fall

Meanwhile, the Mortgage Bankers Association’s seasonally adjusted purchase index rose 8% from the previous week.

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