Tag Archives: Home Prices

Keeping in line with the steep increase of housing prices nationwide, the FHA has set forth its Single-Family Title II forward and Home Equity Conversion Mortgage loan limits for the upcoming calendar year.

According to Realtor.com's 2023 Housing Forecast, homebuyers will face home price increases throughout the nation’s 100 largest U.S. markets in 2023. However, those who can afford to purchase a home will find more available inventory than in 2021.

As housing deal cancellations and home price cuts hit record highs, new data from Redfin's latest market analysis showed pending sales dropped 32% year-over-year in October, marking the largest decline since 2013.

First-time homebuyers looking to purchase a typical home during Q3 have begun to feel the impact of nationwide housing's growing unaffordability. A new report from the National Association of Realtors revealed single-family existing-home sales prices grew in nearly every metro analyzed, as the national median home price climbed nearly 9% from 2021.

As many would-be home sellers are holding onto their existing homes, properties are now staying on the market longer according to the latest Zillow analysis, leaving sellers to try and draw in homebuyers with attractive listings and price drops.

Although the market frenzy has begun to slow, inflation and economic uncertainty are still prompting many Americans to hold off on significant financial decisions such as moving or buying a home, with rents rising nearly 10% year-over-year in September.

According to Realtor.com’s latest Rental Report, the deceleration from rising prices in September may relieve some renters of financial stress. However, rental affordability remains a significant challenge as inflation continues to outpace wage growth.

With many households unable to afford necessary expenses as a result of rising rates and inflated home prices, a recent study from LendingTree revealed that many American homeowners report being worried about or likely to leave their home due to foreclosure in the next two months.

With many Americans citing high home prices and mortgage rate conditions as primary reasons for being unable to afford a home, an estimated 75% of consumers in Fannie Mae’s latest Home Purchase Index believe now is a bad time to buy a home, causing many to pull back from their home searches.

While 75% of Americans predict a recession within two years, their primary concern at the moment is continuing high home prices.