Experts: rising house prices in the US slows sales

Experts: rising house prices in the US slows sales

Real estate sales slowed in the US in June. The reason is the achievement of the average real estate price of the second highest level in the entire history of observations.

The average cost for all types of housing in June 2023 rose to $410,200, which is 0.9% lower than the historical maximum of $413,800 in June last year. For the first time, the sale price exceeded $400,000 in May 2022. Then it was $408,600.

To date, home sales have decreased by 3.3% since May of this year. Year-on-year sales decreased by 18.9%. At the same time, according to experts, the cost of housing remains relatively stable in most parts of the country.

As for mortgages, lending for 30 years with a fixed rate averaged 6.96% as of July 13, compared with 6.81% a week earlier and 5.51% in 2022. The total volume of housing stock at the end of June amounted to 1.08 million units, unchanged from May. However, it decreased by 13.6% compared to the same period last year. Real estate in June usually remained on the market for 18 days. Since May, this indicator has not changed, but it has increased compared to June 2022, it has increased from 14 days. 76% of homes sold in June were on the market for less than a month.

The average price of apartments now is $361,600, which is 1.9% more than a year ago - $354,800.

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