With inflation cooling last month, so is the U.S. housing market, but with a slight catch.
According to WGNO, the median sale price for a home in June 2022 was $428,400, an 11.2% increase since the same time last year. Even though this is a double-digit increase in prices, it’s also the smallest year-over-year increase “in nearly two years,” Redfin market analyst Tim Ellis says.
Data indicates that while U.S. home prices decreased 0.4% from June to July, other factors are still impacting home affordability. Even though home prices remain high, Ellis says the market is balancing out due to a variety of factors, including higher mortgage rates and decreased demand.