Nationally, the inventory of homes actively for sale on a typical day in July increased by 30.7% over the past year, the largest increase in inventory in the data history and higher than last month’s growth rate of 18.7%. This amounted to 176,000 more homes actively for sale on a typical day in July compared to the previous year.
The typical home spent 35 days on the market this July which is just two days less than last year. Given that home sellers are slowing their pace of listing and pending listings are declining, we expect time on market to increase compared to last year in the coming weeks.
The monthly mortgage payment on a typical U.S. home grew another 4.5% in June, and is now 62.3% higher than it was a year ago and 75.7% higher than in June 2019.
Typical U.S. rents rose 0.8% from May and are now $2,007 per month, crossing the $2,000 threshold for the first time. Annual rent growth has eased steadily from a record-high 17.2% in February to 14.8% in June. Rents are up 24.6%, nearly $400 per month, since June 2019.
The third quarter of 2022 saw multifamily vacancy rates increase across the board for most metro areas compared to last year.
Multifamily Metro Area Vacancy Rates, Q3 2022
The third quarter of 2022 saw multifamily vacancy rates increase across the board for most metro areas compared to last year.
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Matt Christopherson, Senior Research Analyst at NAR, talks about the report's essential findings and main takeaways.
Spotlight: International U.S. Residential Transactions
Matt Christopherson, Senior Research Analyst, talks about the report's essential findings and main takeaways.
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Across the 50 MSAs, the average median single-family home price increased by approximately $10,200 per year.
Trends in Median Single-Home Price by MSA (1990-2021)
What kind of expectations buyers and sellers should have regarding home prices in some of the most populated metro...
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“Potential buyers, who had been scared off by the rate spike, might find their way back to the housing market,” Yun said. via @Forbes
Mortgage Rates Dip Below 5% For The First Time Since April
The average rate for the most popular type of mortgage in the U.S. fell below 5%, capping the biggest two-week decline in 35 years.
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Top Foreign Buyers
Canada (11% of foreign buyers, $5.5 B)
Mexico (8% of foreign buyers, $2.9 B)
China (6% of foreign buyers, $6.1 B)
India (5% of foreign buyers, $3.6 B)
Brazil (3% of foreign buyers, $1.6 B)
Colombia (3% of foreign buyers, $1.0 B)
International Transactions in U.S. Residential Real Estate
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San Jose-Sunnyvale-Santa Clara, CA had the most significant nominal increase in median single-family home price, increasing a total of approximately $1,172,300 from 1990 to 2021 or an average of $37,816 per year.
Trends in Median Single-Home Price by MSA (1990-2021)
What kind of expectations buyers and sellers should have regarding home prices in some of the most populated metro...
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On July 27, 2022, NAR held its virtual Real Estate Forecast Summit: Residential Update event, which provided an outlook on the residential market. Full video:
2022 Real Estate Forecast Summit: Residential Update
On July 27, 2022, NAR held its virtual Real Estate Forecast Summit: Residential Update event, which provided an ou...
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There was $116.4 billion in new project volume in 2021 – up 25% from 2020. However, this influx of new multifamily buildings and the resulting increase in vacancy rates is not being felt evenly across the country.
Multifamily Metro Area Vacancy Rates, Q3 2022
The third quarter of 2022 saw multifamily vacancy rates increase across the board for most metro areas compared to last year.
ow.ly
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