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Housing Affordability

Housing Market Update: Demand For Mortgages Ticks Up As Rates Drop Amid Banking Turmoil

Whether more buyers return to the market depends largely on how the Fed reacts to unrest in the banking industry alongside persistent inflation. If the Fed presses pause on interest-rate hikes next week or announces just a small increase, mortgage rates will drop.  Some homebuyers are returning to the market as mortgage rates decline from […]

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Nearly Half of Home Sellers Are Making Concessions to Woo Buyers

Sellers are offering to cover the cost of repairs, mortgage-rate buydowns and closing costs as rising interest rates dampen homebuyer demand. Pandemic boomtowns and pricey coastal markets, including Phoenix and Seattle, have seen the biggest increases in concessions. A record 13% of home sales include a price cut and a final sale price below the

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Housing Market Update: Homebuyers’ Monthly Payments Hit All-Time High As Mortgage Rates Rise

Elevated mortgage rates, along with prices that remain high–despite posting a 1% annual drop– pushed monthly housing payments to a record high of nearly $2,600. That’s dampening demand and preventing many would-be sellers from listing their homes.  The typical homebuyer’s monthly payment hit a new all-time high of $2,563 this week, up 29% from $1,988

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Housing Market Update: Home Prices Fall Annually For First Time in a Decade As Mortgage Rates Pass 7%

The median U.S. home-sale price declined 0.6% year over year in February, marking the first annual drop since 2012–but high rates mean homes aren’t more affordable. The milestone comes as daily average mortgage rates hit 7.1%, dampening homebuying demand.  U.S. home-sale prices have fallen from a year earlier for the first time in more than

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