The median U.S. home price rose 5.2% year over year this week, and mortgage rates hit their highest level since November 2023. Prices continue to rise partly because there are still serious buyers searching for homes. The median U.S. home-sale price hit a record $383,725 during the four weeks ending April 21, up 5.2% from
Many U.S. homeowners couldn’t afford to buy their home if they were to purchase it today because home prices have doubled over the last decade, and monthly housing costs are at an all-time high due to elevated mortgage rates. Nearly two of every five (38%) homeowners don’t believe they could afford to buy their own
Luxury home prices in the first quarter rose 9% year over year, twice as fast as non-luxury prices. Sales of luxury homes rose 2%, compared to a 4% decline in sales for non-luxury homes. Luxury sales are outperforming partly because elevated mortgage rates aren’t a deterrent for many luxury buyers, as a record 47% of
Daily average mortgage rates jumped to their highest level since last November after last week’s disappointing inflation report. Persistently high home prices are exacerbating affordability challenges for buyers. The average daily mortgage rate this week surpassed 7.4%, the highest level since last November, after a hotter-than-expected inflation report and the Fed’s confirmation that interest-rate cuts
Rising home prices and mortgage rates are making it harder to believe in the American dream of homeownership. Lack of affordability is the most commonly cited reason renters don’t believe they’ll ever own a home. Nearly two in five (38%) U.S. renters don’t believe they’ll ever own a home, up from roughly one-quarter (27%) less
Daily average mortgage rates reached their highest level in nearly five months following Wednesday’s hotter-than-expected inflation report, which will likely keep mortgage rates elevated for the foreseeable future. The median monthly U.S. housing payment hit an all-time high of $2,747 during the four weeks ending April 7, up 11% from a year earlier. Housing payments
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