Housing Sales Take A Breath

By
Real Estate Agent with Berkshire Hathaway HomeServices Preferred Real Estate, Inc.; www.AuburnOpelikaALRealEstate.com

Housing Sales Take A Breath

If you’ve been anxious about being able to buy a home, you’ll like the latest news in March 2022 from the National Association of REALTORS (NAR) and the Mortgage Bankers Association (MBA). Housing sales are slowing down. Contact me with any questions and let me assist you on your homebuying or selling journey.

If you’ve been anxious about being able to buy a home, you’ll like the latest news in March 2022 from the National Association of REALTORS (NAR) and the Mortgage Bankers Association (MBA). Housing sales are slowing down.

In February 2022, existing home sales were down 2.4% from one year ago and down 7.2% from January. Supplies of listed but not-yet-sold homes totaled 870,000 units, up 2.4% from January, but remain 15.5% lower than a year ago (1.03 million.) The supply is 1.7 months at the current sales pace, up from 1.6 months on hand in January.

As interest rates cross the 4% threshold and prices continue rising, monthly house payments have risen by 28%, says NAR Chief Economist Lawrence Yun. The median existing-home sales price rose to $357,300, up 15.0% from a year ago ($310,600), marking 120 consecutive months of year-over-year price increases. This is the longest-running streak on record, according to NAR.

Rising interest rates are conflating with rising home prices, which is impacting new home construction and sales. With mortgage interest rates a full point higher than they were a year ago, applications to purchase a new home were down for the third consecutive month, hitting the lowest sales pace in seven months at 791,000 units. And the MBA Builder Application Survey showed that mortgage applications for new home purchases decreased 3.9% year-over-year in February 2022.

The good news is you may be able to get a proverbial foot in the door soon.

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Posted by

 

Laura Sellers

Associate Broker, Realtor, GRI

Berkshire Hathaway HomeServices 

Preferred Real Estate, Inc.

1810 E. Glenn Avenue, Suite 130

Auburn, AL 36830

Phone: 334-332-7263

Fax: 1-888-217-3682w

 

www.AuburnOpelikaALRealEstate.com 

 

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Comments (2)

Joe Jackson
Keller Williams Capital Partners Realty - Columbus, OH
Clintonville and Central Ohio Real Estate Expert

This is an excellent post with great information. Thanks for sharing it.

Have a super fantastic week!
Joe Jackson, Realtor-KWCP

Jun 24, 2022 03:47 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Laura - this is excellent information.  Housing has taken a breath but not a deep breath.

Jun 24, 2022 07:52 AM