{"id":1978296,"date":"2023-07-20T10:15:02","date_gmt":"2023-07-20T14:15:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/existing-home-sales-fall-as-owners-hold-onto-lower-mortgage-rates\/"},"modified":"2023-07-20T10:16:02","modified_gmt":"2023-07-20T14:16:02","slug":"existing-home-sales-fall-as-owners-hold-onto-lower-mortgage-rates","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/existing-home-sales-fall-as-owners-hold-onto-lower-mortgage-rates\/","title":{"rendered":"Home sales decline as homeowners cling to lower mortgage rates."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fexisting-home-sales-fall-as-owners-hold-onto-lower-mortgage-rates%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1978296&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Sales of Existing Homes Decline in June<\/h2>\n<p>Sales \u2062of existing homes\u2064 took a hit in\u200b June, experiencing an 18.9% decline compared to the previous\u2062 year. According to \u2063a report by the National Association of Realtors, existing home sales fell by 3.3% in June, reaching\u2063 a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/report-home-prices-are-up-nearly-25-since-this-time-last-year\/\" title=\"Report: Home Prices Are Up Nearly 25% Since This Time Last Year\">seasonally adjusted annual rate<\/a> of\u200d 4.16 million.<\/p>\n<p>The total housing inventory at the end of June stood at 1.08 million units, remaining \u2064relatively \u2062unchanged from May but \u200cdown 13.6% from the previous\u2063 year.<\/p>\n<p>The median price\u200b of an existing\u2064 home in June was $410,200. Additionally, homes typically stayed on \u2062the market for 18\u200c days in June, the same as May but \u200cup from 14 days \u200din June 2022.<\/p>\n<h2>Biden Takes New Action on Junk Fees, Food Prices, and Corporate Mergers<\/h2>\n<p>These figures come at a time when mortgage rates are on the rise, reaching levels \u200dnot seen since November. The Federal Reserve is expected to \u2062raise its interest rate target later this month, with a\u2063 projected range\u200d of 5.25% to 5.50%.<\/p>\n<p>According to Freddie\u2062 Mac, the average rate for \u200ca \u200c<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/middle-class-millennials-hard-hit-by-housing-market\/\" title=\"Middle Class, Millennials Hard Hit By Housing Market\">30-year fixed-rate mortgage<\/a> now stands at 6.96%, up \u200dfrom 6.67% just a month ago. The average \u200brate for a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mortgage-rates-soaring-at-fastest-pace-in-nearly-30-years-making-homes-even-less-affordable\/\" title=\"Mortgage Rates Soaring At Fastest Pace In Nearly 30 Years, Making Homes Even Less Affordable\">15-year fixed-rate mortgage<\/a> has also increased to 6.3%.<\/p>\n<p>Meanwhile, there is surprising news in the \u2064new home sales \u2063sector. The Census Bureau reports that new home sales in May rose by 12.2% to a seasonally adjusted\u2062 annual\u2064 rate\u200b of 763,000, surpassing \u200bexpectations.<\/p>\n<p>The surge in mortgage rates has led existing homeowners, who locked in historically low rates\u200c before 2022, to hold back from selling. This has\u2063 resulted \u200bin a decrease in existing home inventory,\u200c making new homes a highly sought-after commodity.<\/p>\n<p>Furthermore, the housing market&#8217;s complexity\u2063 is evident as housing starts declined in June. Housing starts measure the change in the number of \u2064new residential buildings that\u200d began construction. From May to\u2063 June, starts fell by 8%, reaching a \u2062seasonally adjusted annual rate of 1.43 \u2063million. Compared to May 2022, there was an \u200c8.1% decrease.<\/p>\n<p>On a positive note, recent reports \u2063indicate that\u2062 inflation \u2064is decreasing at\u2062 a faster rate \u200bthan anticipated, \u2062raising hopes that the\u2063 economy will avoid a recession as the\u200b Federal Reserve works to curb price growth. \u200dAdditionally, the \u200c<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/existing-home-sales-fall-as-owners-hold-onto-lower-mortgage-rates\/\" title=\"Home sales decline as homeowners cling to lower mortgage rates.\">unemployment rate remains historically low<\/a> at 3.7%, indicating that the rate hikes have not \u200bcaused\u2064 significant damage to the labor market.<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\">Click here<\/a> to read \u200bmore from The Washington Examiner.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sales of existing homes in June dropped by 18.9% compared to the previous year. The National Association of Realtors reported a 3.3% decline in existing home sales for June, reaching a seasonally adjusted annual rate of 4.16 million. At the end of June, the total housing inventory stood at approximately 1.08 million units.<\/p>\n","protected":false},"author":1,"featured_media":1978297,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-1978296","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1978296","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1978296"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1978296\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1978297"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1978296"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1978296"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1978296"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}