What about housing?

Existing home prices hit a record. Meanwhile, tougher times for builders.

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What about housing?
Welcome to the Know the Difference Minute for Thursday, August 11th.
Another reason to love your home. According to the National Association of Realtors, the median 2nd quarter sales price is still climbing. Of the 185 metros surveyed, 80% are up double-digits. The median single-family existing-home sales price is now $413,500. That’s up 14.2% and a record high. Blame tight supply.
Meanwhile, waters are choppy on the builder side. There’s not only a record number of unsold homes under construction, there’s also a record number of total homes under construction.
Spiking mortgage rates are creating an increase in buyers pulling out of contracts as affordability drops. Homebuilding giant DR Horton saw its cancellation rate jump to 24% in its fiscal third quarter. For an industry that couldn’t hire enough workers a year ago, some firms are now beginning layoffs.
I’m Dave Spano from Annex Wealth Management. That is your Know the Difference Minute.