The U.S. housing market has continued to cool, as rising mortgage rates and record-high sales prices have stifled affordability, weakening demand and pricing out a multitude of buyers. Nationally, median household income
has failed to keep pace with increasing mortgage payments, with the costs of buying a home about 80% more expensive now than they were just three summers ago, according to the National Association of REALTORS® (NAR). As more and more prospective buyers find their home purchase plans delayed, many are turning to the rental market, where competition has intensified due to increased demand.

New Listings decreased 3.4 percent for Single Family and 7.0 percent for Townhouse/Condo. Pending Sales decreased 14.1 percent for Single Family and 4.4 percent for Townhouse/Condo. Inventory increased 52.6 percent for Single Family and 26.9 percent for Townhouse/Condo.

Median Sales Price increased 16.7 percent to $385,000 for Single Family and 20.0 percent to $249,500 for Townhouse/Condo. Days on Market increased 50.0 percent for Single Family and 16.7 percent for Townhouse/Condo. Months Supply of Inventory increased 54.5 percent for Single Family and 37.5 percent for Townhouse/Condo.

At a time of year when homebuying activity is typically very strong, soaring homeownership costs have caused home sales to decline nationwide for the fifth consecutive month, with existing-home sales falling 5.4% month-to-month and 14.2% year-over-year as of last measure, according to NAR. But there is a bright spot. Inventory of existing homes has continued to
climb this summer, with 1.26 million homes available at the beginning of July, equivalent to a 3 months’ supply. And despite the summer slowdown, homes are still selling quickly, with the typical home staying on market an average of 14 days.