30-year mortgage money is at 2.99%, down from 3.71% one year ago. 15- year 2.44%, FHA 30 year is 2.72%, Jumbo 3.15%, and 5/1 ARM 2.50%.
Existing-home sales in the South were down 0.4% from April to May (MOM), but up 49.7% from one year ago (YOY).. Home sales continue to run at a pace above the rate seen before the pandemic. At a broad level, home prices are in no danger of a decline due to tight inventory conditions, but "I do expect prices to appreciate at a slower pace by the end of the year", said Lawrence Yun, NAR's chief economist.
New home sales were down 14.5% MOM but up 3.1% YOY in the South.
Pending home sales were up 4,9% MOM and 8.0%YOY in South.
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