As mortgage rates climb, affordability in the most expensive markets has suffered, driving more people to affordable, low-tax inland job centers in states like Florida, Texas and Tennessee. In the third quarter of 2018 people continued to move away from high-cost coastal markets like San Francisco, New York, Los Angeles and Washington, D.C., in increasing
Similar increases are common in many other markets, leading buyers to ask: “Should I wait and see if prices fall or buy before mortgage rates go up even more?” If you’re currently searching for a home to buy, or thinking about buying sometime soon, mortgage interest rates are probably on your mind. The rate hikes
Seattle, San Jose and Denver—among the nation’s fastest housing markets—are seeing a dramatic slowdown, with as little as one in three homes going under contract within 14 days, down from two in three earlier this year. As the housing market heated up this spring there were fourteen metro areas around the country (see chart below)
But not because more people are listing their homes; the number of homes for sale is building up as fewer homes sell year over year.
Inventory—in particular the lack of it—has been a front-page topic this year. We’re back on the topic of inventory today, but with glad tidings: Inventory is finally beginning to recover! Active listings grew 6.4% between March and April and another 4.2% on top of that between April and May. Last year inventory peaked in January
Homebuyers’ frustration with low inventory continues to increase, there is also increased understanding of the seller’s market and a willingness to pay more.
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