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.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
