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Home Sales Dip as Rates Rise | Real Estate News
Pending home sales plunged 5.4% in June, marking the steepest monthly drop in a year and a 0.3% year-over-year decline, as soaring mortgage rates and record-high home prices choke off buyer momentum. Contract signings fell nationwide, with the South and West seeing declines while the Northeast and Midwest barely held steady. Despite steady job growth, rising borrowing costs and stubbornly high prices are making homeownership unaffordable for many—especially first-time buyers. Meanwhile, median home prices hit a new record of $446,000, up 1.8% year-over-year for the 36th straight month. With…
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