Real Estate News 06/26/2024

Today’s News Synopsis:

May sales were well below April numbers and down 16.5% year-over-year, a sign that builder incentives may not be enough to overcome high rates and prices.

In The News:

Real Estate News – “New home sales plummet, but prices barely budge“ (06-26-24)

“New home sales slowed considerably in May, even as builders continue to offer incentives — a sign that affordability is weighing heavily on potential buyers.”

FOX Business –  “Mortgage giant gets green light from Biden administration for risky pilot program“ (06-16-2024)

“The Biden administration has approved a move that could essentially put taxpayers on the hook for risky borrowing practices and potential real estate losses — and a former mortgage insider is sounding off on the plan.”

CNN Business –  “US home prices just hit a record high. Americans are still buying” (06-21-24)

“The median price of a previously owned US home climbed for the eleventh consecutive month in May, up 5.8% from a year ago, to $419,300, the National Association of Realtors said Friday. That’s the highest price ever recorded by NAR.”

MPA Mag – “Yellen announces efforts to boost housing supply” (06-25-2023)

“The Biden administration announced new steps to increase access to affordable housing as still-high prices on groceries and other necessities and high interest rates have dramatically pushed up the cost-of-living in the post-pandemic years.”