The U.S. housing market has continued to cool, as rising mortgage rates and 
record-high sales prices have stifled affordability, weakening demand and pricing
out a multitude of buyers. Nationally, median household income has failed to keep
pace with increasing mortgage payments, with the costs of buying a home about
80% more expensive now than they were just three summers ago, according to
the National Association of REALTORS® (NAR). As more and more prospective
buyers find their home purchase plans delayed, many are turning to the rental
market, where competition has intensified due to increased demand.
• Single Family Closed Sales were down 19.2 percent to 7,115.
• Townhouse-Condo Closed Sales were down 22.2 percent to 2,129.
• Adult Communities Closed Sales were down 11.9 percent to 645.
• Single Family Median Sales Price increased 10.9 percent to $510,000.
• Townhouse-Condo Median Sales Price increased 12.1 percent to $350,000.
• Adult Communities Median Sales Price increased 12.5 percent to $315,000.
At a time of year when homebuying activity is typically very strong, soaring
homeownership costs have caused home sales to decline nationwide for the fifth
consecutive month, with existing-home sales falling 5.4% month-to-month and
14.2% year-over-year as of last measure, according to NAR. But there is a bright
spot. Inventory of existing homes has continued to climb this summer, with 1.26
million homes available at the beginning of July, equivalent to a 3 months’ supply.
And despite the summer slowdown, homes are still selling quickly, with the typical
home staying on market an average of 14 day