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Homes Sales Drop! Is the RUN UP Finally OVER??
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Welcome to this week's episode of "This Week in Real Estate," titled "Home Sales Drop! Is the RUN UP Finally OVER??" We tackle the most pressing issues in the real estate market today. The DOJ pushes back against NAR’s rehearing request, while Andy Florance discusses the Homes.com platform and the misconceptions about 'pure buyer agency.' Discover why families now must spend 38% of their income on mortgage payments, according to a new NAHB index.
We also delve into the rush to build new homes to the 2021 IECC standards and how this exacerbates the affordability crisis, as highlighted by NAHB in Congress. Despite U.S. home prices hitting another record high, declining mortgage rates could offer some relief to buyers. However, home prices are rising at their slowest pace in nearly a year and a half, and home sales have fallen to one of the lowest levels on record in May.
Lastly, we identify the least affordable cities for potential homebuyers. Join us for an in-depth analysis and discussion on whether the real estate market's run-up is finally over!
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