Can Americans Ever Own A Home Again?

This is getting bad.

The sales of homes in the United States just dropped to a two-year low in June due to rising mortgage rates. Increases in home prices have finally stabilized due to homebuyers pulling back on their purchases but prices are still at an all time high.

According to Fox, the sale of pre-owned homes dropped by 5.4% in June compared to the previous month to an annual rate of 5.12 million units. This is the lowest level since June 2020.

This new data marks the fifth consecutive month that home sales have declined.

Currently, the national median for home prices sits at $416,000 which is up 13.4% compared to last year. Many homeowners simply cannot afford this.

NAR chief economist Lawrence Yun explained, “Falling housing affordability continues to take a toll on potential home buyers. Both mortgage rates and home prices have risen too sharply in a short span of time.”