Tag Archives: Mortgage Rates

Homebuying conditions for house hunters may be improving as the portion of average wages nationwide required for typical major homeownership expenses fell slightly to 30% in Q1, according to ATTOM's latest U.S. Home Affordability Report.

“Home prices fell in February, the first year-over-year decline in the national median home price in more than two decades,” said Bright MLS Chief Economist Dr. Lisa Sturtevant.

January marked the lowest rate of home appreciation since the spring of 2021, declining for the ninth straight month to 5.7%. Meanwhile, Orlando, Florida posted the country’s largest annual gain for the third consecutive month.

According to the RE/MAX National Housing Report for February 2023, the median sales price experienced a slight rise over January, ending a seven-month streak of price declines.

“A dip in mortgage rates brought some buyers off the bench in January, but the housing-market recovery was tempered by still-high housing costs and a limited number of homes being listed for sale,” said Redfin Deputy Chief Economist Taylor Marr.

According to a new report from ATTOM, zombie properties represent just one of every 12,400 residential properties nationwide, as the count of vacant homes in foreclosure ticked up for the fourth consecutive quarter.

According to a new report from Redfin, home values are holding up better in suburban areas than in cities, which have seen an influx of residents due to remote work.

A new study from MAISY finds household inflation will likely more than double seriously delinquent mortgages by the end of 2023 to 580,000, a level unseen since 2016.

“Housing affordability is the result of the tug-of-war between purchasing power, which is the product of household income and mortgage rates, and nominal house price growth,” said First American Economist Ksenia Potapov.

“Similar to December 2022, the availability of credit has been driven lower by declining originations and shrinking industry capacity as lenders have streamlined their operations to cope with lower volumes,” said Joel Kan, MBA’s VP and Deputy Chief Economist.