July might have been the turning point for the US housing crisis
July just might mark the beginning of the end of skyrocketing housing prices during the pandemic.
The government's own measure of US home prices flashed a similar signal. Prices rose 1.4% in July, thesaid Tuesday. That missed the median estimate of a 1.5% jump and reflected a slowdown from June's 1.7% gain. In other words, the intense price growth seen through much of 2021 is calming down, and doing so faster than experts anticipated.
Home starts rose to an annualized pace of 1.6 million in August. That's well above levels seen before the COVID crisis, but NAR said in June that contractors"There is a strong desire for homeownership across this country, but the lack of supply is preventing too many Americans from achieving that dream," Lawrence Yun, chief economist at NAR, said in the June report.
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