There’s been a lot of speculation lately that home prices are going to start cooling off. That may be true, and it’d certainly be a relief to home buyers trying to navigate today’s market. But while price increases are expected to slow in the coming months, new numbers from ATTOM Data Solutions shows they continued climbing during the second quarter of this year. In fact, according to ATTOM’s most recent 2022 U.S. Home Affordability Report, the median price of a single-family home hit a new high of $349,000 during the second quarter. That beats the previous high, reached during the first quarter when the median price was $320,000. Rick Sharga, executive vice president of market intelligence at ATTOM, says, until recently, rising prices have largely been offset by low mortgage rates. “Extraordinarily low levels of homes for sale combined with strong demand have caused home prices to soar over the last few years,” Sharga said. “But homes remained relatively affordable due to historically low mortgage rates and rising wages.” Of course, rates have risen so far this year. That changes affordability conditions. It also makes the predicted price slowdown an even more necessary break for buyers. (source)
