Rising home prices and elevated mortgage rates have pushed the income necessary to buy the typical U.S. starter home up 13% over the last year. New listings of starter homes are down 23%, the biggest decline since the start of the pandemic. San Francisco, Austin and Phoenix are the only major U.S. metros where the […]
The typical Las Vegas home costs less than half as much as one in Los Angeles, San Francisco or Seattle, the most common origins for buyers moving in. Phoenix and Tampa are the next most popular destinations. Along with Las Vegas, they’re increasingly prone to natural disasters like heat and flooding, but relatively affordable. A
Roughly 4 in 5 homeowners with mortgages have an interest rate below 5%, and nearly one-quarter have a rate below 3%. With rates now close to 7%, many homeowners aren’t moving, which is intensifying a shortage of homes for sale. Rates would need to fall quite a bit to motivate homeowners to put their home
All-cash home purchases reached their highest level since 2014 in April as high mortgage rates drove down overall home sales more than all-cash sales. The typical buyer’s down payment dropped 18% from a year earlier, one of the biggest declines since the start of the pandemic. The share of buyers using FHA loans reached its
One-Third of U.S. Homebuyers Are Paying in Cash, the Highest Share in Nearly a Decade Read More »
Mortgage rates hitting a 7-month high and limited listings are sidelining homebuyers, but many are ready to pounce when rates decline and more homes hit the market. The silver lining of low inventory is that it’s propping up prices for the sellers who do list their homes. Pending home sales fell 17% from a year
Housing Market Update: Mortgage Rates Are Up, Home Sales Are Down, Prices Are Resilient Read More »
That outpaced a 41% drop in overall home purchases. Investors retreated as rising interest rates and falling home values shrank potential profits. Still, investors bought up 18% of homes that sold. That’s down from a peak of 20% a year earlier but is higher than pre-pandemic levels. Investors gravitated toward low-priced homes and condos; starter
Investor Home Purchases Fell a Record 49% Year Over Year in the First Quarter Read More »
