Home sales are down. So why are prices at an all-time high?
Summary
Home prices reached their highest level ever in June, even as fewer houses were sold. High mortgage rates and expensive prices are making it hard for many people to buy homes, especially first-time buyers, while wealthier buyers continue purchasing high-priced homes.Key Facts
- The median home price in June was $435,300, the highest recorded so far.
- Home sales fell by 2.7% in June compared to the previous month.
- Homes priced over $1 million had the largest increase in sales, up by 14% from the previous year.
- All-cash buyers accounted for 29% of home purchases in June.
- First-time buyers made up 30% of all home purchases last month.
- Mortgage rates are currently around 6.74%, making it tougher for new buyers to afford homes.
- Higher mortgage rates prevent people with existing low-rate mortgages from selling their homes unless they have significant home equity.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.