The national median home price jumped 7.7% in August from a year earlier to $389,500.
As the housing market has cooled, home prices have been rising at a more moderate pace after surging annually by around 20% earlier this year. Before the pandemic, the median home price was rising about 5% a year.
Mortgage rates eased in July after climbing in June, which may have helped motivate homebuyers last month, limiting the sales decline. More recently, however, rates have been rising again along with the 10-year Treasury yield, which influences home loan rates. The 10-year yield traded at its highest levels since 2011 on Tuesday, reflecting expectations of further interest rate hikes by the Federal Reserve in its bid to squash inflation.
“That lock-in effect is continuing to impact inventory and I think it will continue to impact inventory going forward,” Yun said.
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