The essential story of home sales can be told in two numbers: 2022 Q1 median sale price of $428,700, according to Census Bureau data, and the June 23 average 30-year fixed mortgage rate of 5.81%, from Freddie Mac.
As John Burns Real Estate Consulting put it, looking back at somewhat earlier figures: "In the first three weeks of May, 30-year fixed mortgage rates hovered near 5.25% and eased to just above 5% by month end. Paired with record-high home prices in most markets, the highest mortgage rates in over ten years (per Freddie Mac weekly data) are cooling demand for new and resale homes."
A little more tersely, in the style of Yogi Berra, houses are in such high demand that nobody can afford them.
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