Hello everybody! Welcome back to Suburban Snacks, where we not only inform you of current Real Estate topics but also review a different food item every month! This month’s snack is… sour punch bites! Before we review the snack, we’ll be informing you on how existing-home prices have hit new records while sales slow! Prices for existing homes climbed to a record high in June, continuing at a pace with double-digit-percentage annual increases. The median price for an existing home rose to $416,000 last month, up 13.4% compared to a year earlier, according to the National Association of REALTORS. Home prices continued to climb even as sales cooled in June. For the fifth consecutive month, existing-home sales—which includes transactions for single-family homes, townhomes, and condos—posted a drop. According to NAR’s report, sales were down 5.4% month over month in June and have fallen 14.2% compared to a year ago. NAR’s Chief Economist Lawrence Yun states, “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.” A separate report released recently by NAR showed that housing affordability has dropped as mortgage payments have spiked 51% in one year. Meanwhile, the median family income has risen just 4.5% in that time. Still, not all buyers are backing away. More homes are coming on the market, and buyers who can afford the higher prices have more choices and are snatching them up quickly. Existing homes sold at a record-setting pace in June, NAR’s data shows. Lawrence Yun also states, “Finally, there are more homes on the market. Interestingly, though, the record-low pace of days on the market implies a fuzzier picture of home prices. Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers.” So, if you are a buyer interested in purchasing a home then we at Suburban would love to help! Do you like sour punch bites? Let us know in the comments below. That’s going to do it for us here at Suburban Snacks. If you have any questions or would like to get into contact with us feel free to check out our website at suburbanrealestategroup.com. Also, make sure to click the link below to follow us on Instagram. Thanks for watching, my name is Cade Olof and we will see you in the next one!