The National Association of REALTORS® expects existing-home sales to close 2022 15.2% lower compared to 2021, thanks to economic uncertainty and rising mortgage rates. 

In Boston, 54% of Redfin offers faced competition in August.

Sales of new homes in the U.S. jumped 28.8% between July and August, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.  

Over the summer homebuyers and sellers alike took a big step back amid rising interest rates and recession fears.

Rising interest rates, inventory issues and inflation concerns contributed to the drop.

The median existing-home price for all housing types in August was $389,500, a 7.7% rise from the year before. 

The NAR’s Community Aid and Real Estate (CARE) Report shows that REALTOR® associations donated a median of $12,070 this past year, a 20% increase over 2020.

New-home construction posted a 12.2% month-over-month increase in August, thanks in large part to a significant jump in multifamily building.  

A continuing combination of increased interest rates, supply-chain disruptions and high home prices has sapped homebuilder sentiment every month this year. 

The housing market is starting to become more balanced.

Mortgage applications declined 1.2% during the week ended Sept. 9, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. 

Mortgage applications, pending sales, new listings and overall inventory saw large declines in August.

Homebuyers nationwide had more time to make decisions in August with the first year-over-year increase in median days on the market since June 2020.

Buyers who are still in the game are finally getting a break from bidding wars

Demand for condominiums continues to grow.

The modest 1% decline could indicate the current housing cycle is reaching a bottom as mortgage rates recede from their recent high, the National Association of REALTORS® said.