Existing-home sales experienced a slight dip in August, marking the seventh consecutive month of declines, according to the National Association of Realtors.

Single-family production is running at a weakened pace due elevated mortgage rates and high construction costs that have led to a major slowing of the housing market and exacerbated housing affordability.

In another sign that the slowdown in the housing market continues, builder sentiment fell for the ninth straight month in September as the combination of elevated interest rates, persistent building material supply chain disruptions and high home prices continue to take a toll on affordability.

This shift was first caused by the initial impact of [COVID-19] on housing demand, which favored lower density neighborhoods. The shift continued in recent months due to housing affordability conditions that are causing both prospective renters and buyers to expand their geographic search for housing,

Heidi Steele worked as an architect and designer throughout the Southwest United States before creating Surface Resources—a firm that helps designers to source sustainably certified, high-quality finish materials with local representation. 

Existing-home sales sagged for the sixth straight month in July, according to the National Association of Realtors. All four major U.S. regions recorded month-over-month and year-over-year sales declines.

Despite escalating mortgage rates and slumping home sales in the second quarter of 2022, a greater number of markets experienced double-digit annual price gains compared to the prior quarter, according to the National Association of Realtors' latest quarterly report.

Rising mortgage rates, high inflation, low existing inventory and elevated home prices contributed to housing affordability falling to its lowest point since the Great Recession in the second quarter of 2022.

Floor Trends recently caught up with Real Floors Inc. CEO Adam Brookner, President Matt Gilbreth and Chief Customer Officer Lyn Jacobs to learn more about what’s in store for the merged venture and their outlook on the multifamily market.

The company reported that sales grew in all segments, with top-line results benefiting from price increases, enhanced product mix, improvements in commercial and contributions from small acquisitions.