Latest news with #Yun
NBC News
13 hours ago
- Business
- NBC News
U.S. home sales fade in June as national median sales price hits an all-time high of $435,300
LOS ANGELES (AP) — Sales of previously occupied U.S. homes slid in June to the slowest pace since last September as mortgage rates remained elevated and the national median sales price rose to an all-time high of $435,300. Sales of previously occupied U.S. homes slid in June to the slowest pace since last September as mortgage rates remained elevated and national median sales prices hit unprecedented levels. Existing home sales fell 2.7% last month from May to a seasonally adjusted annual rate of 3.93 million units, the National Association of Realtors said Wednesday. Sales were flat compared with June last year. The latest home sales fell short of the 4.01 million pace economists were expecting, according to FactSet. Home prices increased on an annual basis for the 24th consecutive month to reach record heights. The U.S. housing market has been in a slump since early 2022, when mortgage rates began to climb from pandemic-era lows. Home sales fell last year to their lowest level in nearly 30 years. Sluggish home sales led to a lackluster spring homebuying season, traditionally the busiest period of the year for the housing market. Stubbornly high mortgage rates and rising prices have intensified the hardships for would-be homebuyers who had already been pummeled by a real estate market that overheated during the pandemic. And while the number of homes on the market has increased sharply from a year ago, it remains well below normal levels, meaning prices continue to rise even as sales slow. 'The second half of the year really depends on what happens with mortgage rates,' said Lawrence Yun, NAR's chief economist. High mortgage rates can add hundreds of dollars a month in costs for borrowers, limiting their purchasing power. So far this year, the average rate on a 30-year mortgage has remained relatively close to 7%, according to mortgage buyer Freddie Mac. Homes purchased last month likely went under contract in May and June, when the average rate on a 30-year mortgage ranged from 6.76% to 6.89%. Yun estimates that if the average rate on a 30-year mortgage were to fall to 6% that would lead to an additional roughly half-million more homes sold. 'If the mortgage rate remains stuck at this level, we are essentially looking at very small changes in our home sales and home price condition, but if the mortgage rate was to drop, we know there will be a more meaningful increase in sales,' he said. The housing market's affordability crunch is keeping many aspiring first-time homebuyers on the sidelines. They accounted for 30% of homes sales last month, unchanged from May, NAR said. Historically, they made up 40% of home sales. Home shoppers who can afford to buy at current mortgage rates or pay in cash are benefiting from more properties on the market. There were 1.53 million unsold homes at the end of last month, down 0.6% from May, but up nearly 16% from June last year, NAR said. That's still well below the roughly 2 million homes for sale that was typical before the pandemic, however. June's month-end inventory translates to a 4.7-month supply at the current sales pace, up from a 4.6-month pace at the end of May and 4 months in June last year. Traditionally, a 5- to 6-month supply is considered a balanced market between buyers and sellers. Homes for sale are staying on the market longer as sales remain in the doldrums. Properties typically remained on the market for 27 days last month before selling, up from 22 days in June last year, NAR said. The housing market slowdown isn't all bad, if you're a home shopper who can afford to buy. In June, some 20.7% of homes listed for sale had their price reduced, the highest share for the month of June going back to at least 2016, according to Increasingly, however, many sellers are opting to pull their home off the market rather than lower prices. The number of properties taken off the market without having sold jumped 47% in May from a year earlier, according to
Qatar Tribune
14 hours ago
- Business
- Qatar Tribune
Elevated mortgage rates, record prices drive June United States home sales slump
Agencies Sales of previously occupied U.S. homes slid in June to the slowest pace since last September as mortgage rates remained elevated and the national median sales price rose to an all-time high of $435,300. Sales of previously occupied U.S. homes slid in June to the slowest pace since last September as mortgage rates remained elevated and national median sales prices hit unprecedented levels. Existing home sales fell 2.7% last month from May to a seasonally adjusted annual rate of 3.93 million units, the National Association of Realtors said Wednesday. Sales were flat compared with June last year. The latest home sales fell short of the 4.01 million pace economists were expecting, according to FactSet. Home prices increased on an annual basis for the 24th consecutive month to reach record heights. The U.S. housing market has been in a slump since early 2022, when mortgage rates began to climb from pandemic-era lows. Home sales fell last year to their lowest level in nearly 30 home sales led to a lackluster spring homebuying season, traditionally the busiest period of the year for the housing market. Stubbornly high mortgage rates and rising prices have intensified the hardships for would-be homebuyers who had already been pummeled by a real estate market that overheated during the pandemic. And while the number of homes on the market has increased sharply from a year ago, it remains well below normal levels, meaning prices continue to rise even as sales slow. 'The second half of the year really depends on what happens with mortgage rates,' said Lawrence Yun, NAR's chief economist. High mortgage rates can add hundreds of dollars a month in costs for borrowers, limiting their purchasing power. So far this year, the average rate on a 30-year mortgage has remained relatively close to 7%, according to mortgage buyer Freddie Mac. Homes purchased last month likely went under contract in May and June, when the average rate on a 30-year mortgage ranged from 6.76% to 6.89%. Yun estimates that if the average rate on a 30-year mortgage were to fall to 6% that would lead to an additional roughly half-million more homes sold. 'If the mortgage rate remains stuck at this level, we are essentially looking at very small changes in our home sales and home price condition, but if the mortgage rate was to drop, we know there will be a more meaningful increase in sales,' he said. The housing market's affordability crunch is keeping many aspiring first-time homebuyers on the sidelines. They accounted for 30% of homes sales last month, unchanged from May, NAR said. Historically, they made up 40% of home sales. Home shoppers who can afford to buy at current mortgage rates or pay in cash are benefiting from more properties on the market. There were 1.53 million unsold homes at the end of last month, down 0.6% from May, but up nearly 16% from June last year, NAR said. That's still well below the roughly 2 million homes for sale that was typical before the pandemic, month-end inventory translates to a 4.7-month supply at the current sales pace, up from a 4.6-month pace at the end of May and 4 months in June last year. Traditionally, a 5- to 6-month supply is considered a balanced market between buyers and sellers. Homes for sale are staying on the market longer as sales remain in the doldrums. Properties typically remained on the market for 27 days last month before selling, up from 22 days in June last year, NAR said. The housing market slowdown isn't all bad, if you're a home shopper who can afford to buy. In June, some 20.7% of homes listed for sale had their price reduced, the highest share for the month of June going back to at least 2016, according to Increasingly, however, many sellers are opting to pull their home off the market rather than lower prices. The number of properties taken off the market without having sold jumped 47% in May from a year earlier, according to
Yahoo
18 hours ago
- Business
- Yahoo
More tough news for buyers. Home prices jumped to all-time highs in June.
US home prices spiked to all-time highs in June, NAR data shows. Existing home sales declined 2.7% in the month. Data earlier this month showed sellers are more often delisting homes rather than dropping prices. It's a tough time to be a homebuyer in the US, and, unfortunately, it got tougher in June. The National Association of Realtors said on Wednesday that existing-home prices jumped last month, with the median price reaching $435,300. While only a 2% increase from June 2024, it's the highest home prices have ever been. As prices trend up, sales of existing homes have been moving in the opposite direction. NAR data shows that sales fell 2.7% in June. While month-over-month sales rose slightly in the West, they declined in the Northeast, Midwest, and South regions. NAR Chief Economist Lawrence Yun attributed the price surge to years of undersupply, stating that the trend is prohibiting new buyers from entering the housing market. "High mortgage rates are causing home sales to remain stuck at cyclical lows," Yun stated. "If the average mortgage rates were to decline to 6%, our scenario analysis suggests an additional 160,000 renters becoming first-time homeowners and elevated sales activity from existing homeowners." It's the latest stat that shows how brutal the market is for homebuyers, even as other recent data suggested things could be tilting in their favor. Inventory is piling up, which often suggests prices could edge down. However, data shows that sellers are more often pulling their homes off the market rather than negotiating or lowering prices. Others have noted that the high barriers to homeownership are particularly tough on first-time buyers, many of whom are younger. The high costs of owning a home have compelled a growing number of Gen Z members to view renting as a better alternative. NAR data shows that housing costs are rising even as economic uncertainty remains high, and the market could enter an even deeper freeze after years of sluggish sales activity. On a somewhat hopeful note, Yu said that one factor could help push the US housing market out of its slump. "If mortgage rates decrease in the second half of this year, expect home sales to increase across the country due to strong income growth, healthy inventory, and a record-high number of jobs," he stated. Read the original article on Business Insider
Business Insider
19 hours ago
- Business
- Business Insider
More tough news for buyers. Home prices jumped to all-time highs in June.
It's a tough time to be a homebuyer in the US, and, unfortunately, it got tougher in June. The National Association of Realtors said on Wednesday that existing-home prices jumped last month, with the median price reaching $435,300. While only a 2% increase from June 2024, it's the highest home prices have ever been. As prices trend up, sales of existing homes have been moving in the opposite direction. NAR data shows that sales fell 2.7% in June. While month-over-month sales rose slightly in the West, they declined in the Northeast, Midwest, and South regions. NAR Chief Economist Lawrence Yun attributed the price surge to years of undersupply, stating that the trend is prohibiting new buyers from entering the housing market. "High mortgage rates are causing home sales to remain stuck at cyclical lows," Yun stated. "If the average mortgage rates were to decline to 6%, our scenario analysis suggests an additional 160,000 renters becoming first-time homeowners and elevated sales activity from existing homeowners." It's the latest stat that shows how brutal the market is for homebuyers, even as other recent data suggested things could be tilting in their favor. Inventory is piling up, which often suggests prices could edge down. However, data shows that sellers are more often pulling their homes off the market rather than negotiating or lowering prices. Others have noted that the high barriers to homeownership are particularly tough on first-time buyers, many of whom are younger. The high costs of owning a home have compelled a growing number of Gen Z members to view renting as a better alternative. NAR data shows that housing costs are rising even as economic uncertainty remains high, and the market could enter an even deeper freeze after years of sluggish sales activity. On a somewhat hopeful note, Yu said that one factor could help push the US housing market out of its slump. "If mortgage rates decrease in the second half of this year, expect home sales to increase across the country due to strong income growth, healthy inventory, and a record-high number of jobs," he stated.
Korea Herald
a day ago
- Entertainment
- Korea Herald
Demon boy band? These ballet dancers had already cast their spell
Breakout team behind sold-out show mixed heritage with ballet, and struck a chord In the first half of this year, no ballet in Korea stirred up more buzz than 'Gat,' a 70-minute contemporary ballet inspired by traditional Korean hats. Created by the newly established Yunbyul Ballet Company, 'Gat' completed a six-city national tour, selling out every seat along the way — a rare feat for a fledgling company barely a year old. The second run, following its 2024 premiere, drew a wave of fans eager to see the ballerinos who rose to stardom through Mnet's hit dance competition "Stage Fighter." But the excitement didn't stop there. Following the global success of Netflix's animated film 'KPop Demon Hunters,' social media users began drawing comparisons between the film's fictional boy band, the Saja Boys, and the five ballerinos in "Gat." Their playful curtain call — a nod to the demon boy band's signature poses — brought this ghostly ballet back into the spotlight, racking up 1.94 million views on Instagram. At the center of it all are two rising creatives — choreographer Park So-yun and Yun Byul, her longtime dance partner and the company's founder. 'This year, with the national tour and everything, we've been overwhelmed — incredibly busy, but just really happy,' the pair said in a recent interview with The Korea Herald. The unexpected journey, they recalled, began with something simple, but with a twist: A ballerina wearing a gat. Ballerinas wearing gat The spark came in 2019 with Netflix's 'Kingdom,' the Korean zombie thriller set in the Joseon era, which ignited a global fascination with traditional Korean hats. Historically, gat refers to a wide range of hat styles worn according to one's social class, profession, or a particular occasion. What's commonly recognized today as gat — the tall, black, wide-brimmed hat — is called "heungnip," traditionally worn by "seonbi," or male scholars. 'But what if a ballerina wore gat?' said Park. 'I thought the strong cultural significance associated with the male seonbi and their virtues would be intriguing when worn by a woman.' Park had long been collecting choreographic ideas, knowing that her debut as a choreographer would take a deeply Korean form. During a casual bus ride with Yun, she shared her concept. As it happened, Yun was organizing a gala. 'I immediately said, 'Let's do it,'' Yun recalled. 'I loved the idea of combining ballet with gat, and I trusted Park could make it work.' The result was an eight-minute group piece for female dancers that premiered in 2021: On the stage, the ballerinas tiptoe slowly with dignified restraint. Their upright posture, accentuated by the hats and en pointe technique, evokes the image of calligraphy brushes or ghostly, Korean-style grim reapers moving through fog. From wanderer's satgat to bride's jokduri From that short piece, 'Gat' naturally expanded into a 70-minute production composed of nine vignettes, each inspired by distinct headwear. Park selected hats with the most vivid imagery. The red jurip worn by Joseon-era military officers becomes a majestic portrait of a female general in a gender-swapping segment. A wide straw "satgat" tells the tale of a lone wanderer, while the humble "paeraengi" (a commoner's hat) becomes a rhythmic, playful dance of traveling merchants. The "jokduri," a delicate bridal coronet, captures the shyness and excitement of a woman before her wedding. One standout scene and a major factor behind the show's success features the "jeongjagwan" (a tall, pointed hat with an upward-curving structure) traditionally associated with fussy schoolmasters or folktale villains like Nolbu. Usually worn indoors by noblemen, it carries strong connotations of wealth and pride. In this segment, three male dancers swagger across the stage, puffing on long pipes. 'Here, I wanted something with arrogant flair — a little hunched, a little mocking, like they don't care. That energy shaped the movement,' said Park. Yet Park encourages audiences to not seek one 'correct' interpretation. 'Even though I created this with specific images in mind, I hope people imagine their own stories. Maybe one scene feels a little sad, or a dancer carries their own story — that imaginative freedom is what makes it fun.' Credit for the company's rising profile also goes to a savvy blend of dance films and active social media. 'It's a turbulent time in the dance world. Dancers can go viral overnight but attention fades just as fast,' said Yun. 'I've performed in nearly empty theaters and in front of thousands. I believe good marketing and good artistry must go hand in hand — each supporting and enhancing the other.' With their debut production a breakout hit, Yun and Park are now focused on shaping their company's identity and brand. 'As a choreographer, I want to challenge the notion that contemporary ballet is boring or inaccessible,' said Park, adding that the most rewarding feedback came from first-time balletgoers. 'People often think only classical ballet sells. But I believe new works like this can actually be more welcoming to audiences who are new to ballet.' Yun said founding his own company led him to let go of the self-focused mindset and start viewing the performance as a cohesive whole. 'Running a company feels like the tycoon game I used to play when I was young,' Yun said. 'The smallest decisions can change everything. How you speak to dancers, the costumes, marketing, show length, venue -- every detail shapes the final outcome.' 'And when the audience recognizes that dedication, it brings a whole new level of fulfillment for us as creators,' they said. The duo's shared goal is captured in the company's motto: 'It's not how much you see. It's how deeply you see.' 'We plan to keep experimenting and continue creating something that is truly our own.' In the coming months, Park will return to the stage as both dancer and choreographer in 'Developpe,' a ballet gala blending original and classical works, at Guro Arts Valley on Aug. 2. Meanwhile, the 'Gat' segment featuring the jeongjagwan will be performed this Saturday at the Jeju International Dance Festival, with a full 'Gat' tour planned for next year.
