NAR releases the NAR SentriLock Home Showings Report on a monthly basis. Every month SentriLock, LLC. provides NAR with data on the number of properties shown by a REALTOR®.
A strong 850,000 net new jobs were added in June. Residential construction workers and general contractors rose by 15,200. The unemployment rate edged up a notch to 5.9% as more people began searching for a job.
In May 2021, there was an increase in nationwide foot traffic on a month-to-month basis, and home showings were up 24% year-over-year.
In May 2021, properties were typically on the market for 17 days, and first-time buyers accounted for 31% of sales.
Expect continuing solid price gains in the upcoming months. Some calming of the market is only expected to happen in late autumn of this year and into 2022.
Foreclosures will likely widen the already alarming homeownership gap among income groups and racial groups, with low income and minority groups twice as likely to face foreclosure than higher income and non-minority groups and homeowners of FHA-insured loans three times as likely to face foreclosure.
More Homebuyers Making 20% Down Payments and Waiving Appraisal and Inspection Contract Contingencies
This trend reflects the decline in the share of buyers who obtain mortgages insured by the Federal Housing Administration (FHA) and the Veterans Administration (VA) which insure zero and low downpayment loans.
The REALTORS® Confidence Index (RCI) survey gathers on-the-ground information from REALTORS® based on their real estate transactions during the month.
Affordability declined in April compared to March as the median family incomes declined by 1.0% while the monthly mortgage payment increased 16.1%.
Mortgage rates dropped further this week, from 2.96% to 2.93%, although the Fed revised upward their forecast about inflation.
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