As the housing market continues to cool, existing home sales fell in June for the fifth consecutive month. The seasonally adjusted sales rate for existing homes fell 5.4% month over month to a seasonally adjusted annual rate of 5.12 million, according to a report from the National Association of Realtors (NAR) released Wednesday.
The sales pace is down 14.2% compared to a year ago. One benefit to the slower sales pace is an increase in inventory of unsold homes, which rose to 1.26 million at the end of June, a month over month increase of 9.6%. At the current sales pace, it’s equivalent to 3 months of supply.
However, “Falling housing affordability continues to take a toll on potential home buyers,” said Lawrence Yun, NAR’s chief economist, according to a statement. “Both mortgage rates and home prices have risen too sharply in a short span of time.”
Despite large mortgage rate increases by the Federal Reserve in June, the median sales price of existing homes continued to rise. In June, the median sales price was up 13.4% year over year to $416,000, a new record capping off 124 consecutive months of increases.
San Francisco’s East Bay plays host to so many wonderful Summer Activities! Here’s a lovely idea for an outing in San Ramon this Sunday, July 31st.
Watch where you’re stepping at City Center Bishop Ranch on several Sundays throughout the Spring and Summer. At your feet, you’ll see bright and colorful chalk art done by several artists who’ve spent hours on hands and knees drawing in vivid pastels. If you miss seeing the artists in action, don’t worry. You’ll have some extra weeks to see how their efforts — using French pastels and working in a tradition that dates from Renaissance Italy — have transformed Alexander Square into a bright and colorful canvas.
City Center Bishop Ranch will be hosting live chalk on Sunday, July 31, 2022 from 9 AM to 4 PM
Location: City Center, Bishop Ranch, 6000 Bollinger Canyon Road, San Ramon
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