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Special Report

Housing Market Research Brief

May 2022

Home Purchases Continue to Slide, but Prices Keep Rising

Drop in home sales reflects a new mortgage rate climate. The nation’s home buying activity level is cooling. April sales eased 4.8 percent year-over-year for the existing home stock and declined drastically more — down 26.9 percent — for new home completions. Influencing these sales figures, the number of households now financially qualified to purchase housing is shrinking, due to the combination of climbing prices and mortgage interest rates that have been topping 5 percent during recent weeks. April’s typical sales prices hit $396,000 for existing homes and $460,000 for new homes. Existing home prices are up nearly 40 percent since the onset of the pandemic.

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