Existing-home sales experienced a slight dip in August, marking the seventh consecutive month of declines, according to the National Association of Realtors.
Despite escalating mortgage rates and slumping home sales in the second quarter of 2022, a greater number of markets experienced double-digit annual price gains compared to the prior quarter, according to the National Association of Realtors' latest quarterly report.
According to a new report by the Harvard Joint Center for Housing Studies, the surge in the prices of gas, food, and other necessities are affecting housing affordability, especially now that most pandemic emergency government supports have ended.
Strong demand is still keeping multifamily developers fairly optimistic in many parts of the country, but high construction costs and their impact on affordability are making some developers increasingly cautious, NAHB said.
The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau jointly announced the new residential sales statistics for March 2022.