While the average monthly housing payment in the U.S. fell to its lowest level since the start of the year, it isn’t improving sales, as potential buyers are holding out for lower mortgage rates.

Specifically, prices rose 4.3% annually after growing by 4.7% in June. 

Boston’s rental prices are undeniably high, and a recent report ranked the city among the top five most expensive markets in the country last month.

A new study ranks major U.S. cities by their rent prices and the income needed to afford them, with Boston near the top of the list.

July’s seasonally adjusted annual rate of 739,000 represented a 10.6% jump from June’s upwardly revised rate of 668,000. 

Lower mortgage rates, more available listings and a dip in home prices from June’s record highs drew buyers back into the market last month.

The pace of home sales increased 1.3% from June after months of decreases, the National Association of REALTORS® said.      

Communities in the Northeast and Midwest dominated this year’s rankings, with Massachusetts standing out by placing three towns in the top 10.

July’s Massachusetts housing market experienced a slight increase in closed sales, while median sales prices fell for the first time since early in the year, hinting at a market shift.

Competition in the housing market is expected to reignite as falling mortgage rates breathe new life into buyers, according to Zillow’s latest report. 

The combination of rising inventory and price reductions in Boston and nationwide is creating a more buyer-friendly market.

The average 30-year fixed mortgage rate dropped more than a quarter point since last week.

Two Massachusetts cities are among the top 20 hottest summer housing markets, according to a new report.

The National Association of REALTORS® said its Pending Home Sales Index rose 4.8% month over month. 

For the third year in a row, Massachusetts has the best school systems in the nation, according to WalletHub’s 2024 States with the Best & Worst School Systems report.

There are plenty of ways to upgrade a home without knocking down walls or hiring a whole construction crew.