Commentary

According to a new analysis by Zillow and Thumbtack, utility bills, property taxes, insurance and essential home maintenance can add up to nearly $14,155 for the average homeowner, or an additional $1,180 per month on top of a typical mortgage payment.

Total residential loans dropped 19% in the first quarter of 2023, reaching the lowest point since 2000; refinancing was also down 85% year-over-year.

As reported by Realtor.com, home prices rose by 0.9% in May 2023, landing below numbers during pandemic and going further back to 2016.

While the Real House Price Index found that home prices, and therefore affordability, decreased across the country, median household income has increased 4.1% since January 2022.

The Latest S&P CoreLogic Case-Shiller Index found that the national index posted a 1.3% increase in March 2023 over the previous month.

Mortgage insurers reported that over one million borrowers utilized low down payment programs in order to secure a mortgage for a home; about 97% of these purchases helped people buy new homes and first-time buyers get into one.

NAR’s latest report reveals pending home sales were down across the U.S. on a year-over-year basis. Click through to find out what else the report revealed.

“Some buyers are asking sellers for the sun, the moon, and the stars in addition to offering below the asking price, and some are requesting no extras because they’re so motivated to secure one of the few homes on the market,” said Boise, Idaho Redfin agent Shauna Pendleton.

According to Freddie Mac’s latest report, stubborn inflation is a major concern for the housing market and the economy as a whole. Click through to find out what else Freddie Mac found during Q1.

Boise, Idaho and Austin, Texas experienced the biggest drops in home prices as U.S. median home sale prices fell 4.1% across the board. Click through to see what that decline represents.