top of page

Housing Market Highlights- August 2, 2022


The market continues to change and inflation and recession continue to be the hot topics of the summer. The Feds’ raised the interest rate again last week but surprisingly, the average 30-year fixed rate mortgage, dipped to the lowest level since mid-April, according to Mortgage News Daily. So right now, we see slightly lower rates and increasing inventory....a positive formula for potential buyers.


Here are some highlights in the housing market this month according to the California Association of Realtors::


New home sales fell 8.1% to 590,000 in June from the prior month and dropped 17.4% from the same month of last year. Affordability may have played a role in recent months, and some would-be homebuyers simply could not afford the higher monthly payments as interest rates surged.


The slowdown in demand pushed new home construction inventory up to 9.3 months, the highest level since May 2010.


The median price of a new home sold in June was down 9.5% from May but remained up 7.4% from last June.


Residential investment declined 14.0%, as builders scaled back due to concerns about homebuyers’ affordability challenges.


The Federal Reserve hiked the federal funds rate up another 75 basis points to a range between 2.25% and 2.5% in the July Federal Open Market Committee (FOMC) meeting.


Consumer confidence is now at a 17-month low: With costs of living outpacing wage growth, consumer optimism continues to falter.


C.A.R. Market Matters, August 1, 2022

  • Debora Sanders Realtor Instagram - Your Central Coast Realtor
  • Debora Sanders Realtor Facebook
  • Debora Sanders Realtor Youtube
  • Debora Sanders Realtor Linkedin

Sotheby's International Realty
3775 Via Nona Marie Suite 100, Carmel CA 93923
831-624-9700

License: DRE#01966114

PSA_logo_edited.png
WCR logo.jpg
ILHM_Member_Seal_RGB_Small_1187628351_9922.png
ILHM_GUILD_Seal_RGB_Small_1187628351_1170.png
ILHM_CLHMS_Seal_Grayscale_thumbnail_125_1187628351_7872.png

Debora Sanders is a real estate salesperson licensed by the state of California affiliated with Sotheby's International Realty. Sotheby's International Realty is a real estate broker licensed by the state of California and abides by equal housing opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting, or other professional advice outside the realm of real estate brokerage.

*All Rights Reserved*

Designed by Kollaborativ  

bottom of page