According to the National Association of Realtors, pending home sales decreased in June 2022, following a slight increase in May 2022. All four major regions posted month-over-month and year-over-year pullbacks, the largest of which occurred in the West.
According to the Mortgage Bankers Association's Purchase Applications Payment Index, U.S. homebuyer affordability was mostly unchanged in June 2022, with the national median payment applied for by applicants down slightly to $1,893 from $1,897 in May 2022.
According to the National Association of Home Builders, in a further sign of a housing slowdown, new home sales posted a double-digit percentage decline in April 2022, falling to their weakest pace in two years, as rising mortgage interest rates and worsening affordability conditions continue to take a toll on the housing market.
This week the National Association of Realtors Chief Economist Lawrence Yun sounded the alarm bells as he explained there are significant questions regarding the U.S. housing market's direction over the coming months of 2022.