Market Update: Rates Fluctuate; Existing Home Sales, New Home Sales Coming Up This Week |

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Market Update: Rates Fluctuate; Existing Home Sales, New Home Sales Coming Up This Week Blog posted On June 20, 2022 Mortgage rates trended sharply upward near the beginning of last week as a response to the latest Consumer Price Index, which revealed that inflation is at its highest level in 40 years. Existing home sales or resales track the sales of previously constructed homes and make up approximately 90% of residential real estate transactions. In April, existing home sales fell 2.4%, down to a seasonally adjusted annual rate of 5.61 million. Mortgage rates continue to climb, it's likely that existing home inventory will continue to rise and home prices will begin to cool off. The new home sales report tracks the sales of newly constructed homes and accounts for about 10% of total residential real estate transactions. With higher rates and soaring home prices, housing affordability is quickly becoming more prevalent in the housing market. So if you're in the market to buy a home, ask us about our programs that can help you purchase your home or more affordable price.