What is the latest home sales data have to say about the current market?

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June home sales data shows a month over month increase

The latest home sales data from the National Association of Realtors® showed that month-over-month home sales were up 0.3%. The figure actually exceeded expert predictions. The consensus before the numbers were released was that home sales would decrease by 0.5%.

Additionally, data also showed that the price difference between new and existing homes is starting the decrease. The median sales price for a new home in June 2023 was $415,400, and the median sales price for an existing home was $410,200. The difference of $5,200 was the smallest since 2022.

Where can homebuyers get a mortgage with a 1% down payment?

Are you looking to get into a mortgage, but are concerned about the down payment you’ll need to make that happen? Guaranteed Rate has a solution. OneDown*, a mortgage program for first-time homebuyers can allow buyers to get into a home with as little as 1% down. We’ll give you $2,000 or 2% of the purchase price to help (whichever is lower) in the form of a grant – which doesn’t need to be paid back – to help with the down payment.

White House rolls out initiatives to lower housing costs, add supply

Several measures aimed at lowering the cost of housing and adding additional units to the market were announced by the Biden administration on Thursday.

Measures announced included $85 million in funding from the Department of Housing and Urban Development to reduce barriers to affordable housing and mitigate zoning restrictions. This is aimed to increase available inventory of affordable units.

The White House also announced an inter-agency task force to find ways to fund commercial-to-residential conversions.  

Finally, additional measures aimed at helping renters include a requirement that landlords notify public housing tenants 30 days before a lease termination due to nonpayment and $10 million in funding for tenant education and outreach.

* Guaranteed Rate’s OneDown loan program is for purchase transactions of primary residences. Property type restrictions apply. Eligible occupant borrowers income must be less than 80% of area median income and borrowers must contribute a minimum of 1% down payment from borrower’s own funds. Any additional down payment or funds required to close must be from an eligible source. At least one borrower must complete Homebuyer Education when all occupying borrowers are first time homebuyers. Applicant subject to credit and underwriting approval. Restrictions apply.

in 10 minutes?

The pre-approval process is lightning fast, and can be completed
in under 10 minutes. Grab a few important documents to get started.
  1. Tax Returns
  2. Copies of W-2s (or 1099s for independent contractors,
    freelancers and the self-employed)
  3. A payroll stub
  4. A bank statement
  5. Loan obligation info (student loans,
    auto loans and credit cards)

Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply. 

All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate. Guaranteed Rate its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.