Pending home sales increased 0.9% in July – rising for the second consecutive month – according to the National Association of REALTORS®. The Northeast and Midwest posted monthly losses, while sales in the South and West grew. All four U.S. regions saw year-over-year declines in transactions.
Almost 60% of metro markets (128 out of 221) registered home price gains in the second quarter of 2023 as 30-year fixed mortgage rates oscillated between 6.28% and 6.71%, according to the National Association of REALTORS®’ latest quarterly report.
Nearly One-Third of Realtors® Say Lack of Inventory Stopped Clients from Buying Homes in 2022 As Housing Supply Dropped to Lowest Level Since 1999
Amid a significant shortage of housing supply in 2022, 32% of Realtors® named a lack of inventory as the most important factor limiting potential clients from making a purchase, according to the National Association of Realtors®’ 2023 Member Profile.
The City of Sacramento has made it even easier to build Accessory Dwelling Units (ADU), also known as granny-flats or in-law units, by creating free, permit-ready building plans. These permit-ready building plans are for detached ADUs. They meet all the 2022 Residential Building Code requirements and are all electric.
NAR continues to stress that government must invest in boosting our nation’s housing supply if we are to make housing affordable in the long run.
NAR has long advocated for an updated rule to address an inequality with conventional borrowers, and this action will increase the flood insurance choices available to FHA borrowers.