The affordability of homes is declining, and this is making many think twice before buying a home. There has been a decrease in home sales and homebuyers are turning away due to the higher costs of homes as well as the increase in interest rates. Experts say that this trend is going to continue and home sales will decrease in the upcoming months.
With the decrease in sales, there are more homes on the market, which is good news for realtors. Homes are still selling quickly, just not at the lightning-speed they were even a few months ago.
The average home price has increased by over 14 percent in the past year. Prices have increased for 122 months, which is the longest running streak. Around 90 percent of the homes on the market sold within a month!
All cash sales went down 2 percent from 28 to 26 percent since April 2021. Investors stayed the same. Distressed sales were one percent of the sales.
Single family home sales and existing condo sales are down. The median price for a single-family home is $307,600 while the average price for a condo is $340,000.
The West saw a big decrease in sales, with prices going up on homes. In the South, home sales are also decreasing while the average home price increased by 22%.
In the Midwest, sales saw a slight increase and the average home price was also up. In the Northeast, home sales rose just over 1 percent while the price of homes increased just over 8 percent. All of these changes are compared to homes one year ago.
