27 Jul July 2022 Real Estate and Mortgage Report

Our monthly real estate market report includes information about housing prices, inventory, mortgage rates, home sales and market predictions. We summarize news headlines and share important market updates.

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Here are some quotes from this month’s report:

• Recession Fears Surge Among CEOs Survey Suggests. Three-quarters of global CEOs say we are in a recession or will be in the next 12-18 months, according to a new survey.
• Active inventory continued to grow, rising 21% above one year ago. . . . In other words, we’re starting to add more options, but the market needs even more before home shoppers have a selection that’s roughly equivalent to the pre-pandemic housing market.
• The root issue of what drives house prices almost always is supply and demand. . . . now interest rates affect that. When interest rates go up, guess what, fewer buyers. The demand goes down thus prices are going to soften or not be as cray-cray as they have been. And that’s what we’re seeing right now.
• We should start to see less competition, fewer bidding wars and, therefore, less upward price pressure. In fact, a simple analysis shows that a one-month increase in the months’ supply results in a 3% decline in annualized house price growth. And our preliminary house price index is already showing moderation in house prices in April.

This report is intended to be accurate, but the information is not guaranteed. Please reach out to us directly if you have any specific real estate or mortgage questions or would like help from a local professional. This post was provided by Sparkling Marketing, Inc. with a Market Report from Keeping Current Matters.