Affordability declined in 49 of the 50 major markets according to the May 2021 First American Real House Price Index.
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.
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.
Meanwhile, the seasonally adjusted purchase index declined 6% from the previous week, the Mortgage Bankers Association reported.
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.
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.
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.
Meanwhile, the Mortgage Bankers Association’s seasonally adjusted purchase index rose 8% from the previous week.
Two of the largest leaders in the real estate market are joining forces to form a new mortgage origination company.
The department determined that the settlement would not do enough to protect its ability to investigate other conduct by the association affecting competition in the real estate market.