for June, released Tuesday, were nothing short of a disaster. Sales fell 5.4% MoM and 4.3% YoY to a 3.5mm SAAR .
In the $750k-$1mm bucket, the only region with a YoY increase in sales was the northeast – the bucket declined nationwide. The over $1mm bucket increased 10.9% YoY in the northeast but was up just 3.6% nationwide. The table above is from the Supplemental Data link on the National Association of Realtors news release. The data is not seasonally adjusted, it monthly data.
All of the action in the May sales was in the two highest price buckets, while everything below the top two buckets was flat to down. The data reflects the degree to which buying a home or moving up from a starter home has become unaffordable for the majority of households.report showed that homebuying conditions in June hit a record low for the history of the data series.
Concerning potential rate cuts, the median new mortgage payment now requires 41.4% of the median household income, according to the data parsed by Reventure Consulting divided by median new mortgage payment .
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