Housing Research Brief: July 2024

Apartment Demand Mounts Amid Unrelenting Single-Family Barriers

Housing market remains in a state of disruption. Existing home sales slid to a six-month low in June 2024 as the median price eased by just 0.2 percent from May's all-time high and the average 30-year fixed-rate mortgage held near 7 percent.  Softer purchase activity signals that buyers should gain leverage in the current climate, although a lack of entry-level homes on the market is a blockade for meaningful relief. The number of existing houses for sale fell for a third straight month and remained almost 50 percent under the June average across the prior two decades.

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