The June 2019 report from the National Association of Realtors (NAR) shows that existing home sales declined significantly in the face of rising mortgage rates. The sustained surge in mortgage rates has caused a drag on the housing market, further reducing the number of prospective buyers and sellers. This decrease in demand has led to single family housing starts falling for the fourth consecutive month, while existing home sales have been in a downward trend since April.
The effects of higher mortgage rates are seen across the U.S. with sales dropping year-over-year in the West, Midwest, South, and Northeast. First time home buyers are feeling the most impacted, with nationwide sales to this group being the lowest since December 2015.
Most Important Elements:
• Existing home sales declined due to rising mortgage rates
• Single family housing starts have fallen for 4 months in a row
• Sales have dropped year-over-year in all U.S. regions
• First-time home buyers have the lowest sales since 2015
You can read this full article at: https://www.housingwire.com/articles/existing-home-sales-fell-in-june-while-monthly-median-sales-price-spiked/(subscription required)
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