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. 

The median price of a new home sold during the month was up 5.9%, however, according to figures from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. 

Nationally, the median sales price slid 2.9% from June but rose 8.1% from July 2021, while closed transactions were down 16.6% on a monthly basis and 26.3% on a yearly one, RE/MAX said in its National Housing Report.

A recent decline in mortgage rates could return some purchasing power to buyers going forward, National Association of REALTORS® chief economist Lawrence Yun said. 

For the fifth month in a row in July, home sales declined nationally, including here in the Bay State, as home prices continued to rise.

July single-family home and condo sales continued to plummet last month as the market continued to cool.

The pace of housing starts for both single-family and multifamily residences was down on a month over month basis, the U.S. Department of Housing and Urban Development reported. 

The NAHB/Wells Fargo Housing Market Index fell for the eighth straight month in August, as the key measure of builder confidence indicated a pessimistic outlook. 

Worcester had one of the highest rates of homebuyer competition in July

Homebuyers may catch a break this month as rates have come down nearly a point from the recent high on fears of a recession.

Boston’s average monthly rent is $4,878, a 17.4% increase from the previous year.

The national rental vacancy rate dropped to 5.6% in the second quarter of the year while the homeowner vacancy rate remained at 0.8%.

Home prices were up 10.9% in Boston on a year-over-year basis, compared to 18.3% nationwide, CoreLogic reported, citing its Home Price Index. 

“Contract signings to buy a home will keep tumbling down as long as mortgage rates keep climbing, as has happened this year to date.” — National Association of Realtors chief economist Lawrence Yun