The national median payment applied for by homebuyers rose 8.8% to $1,889 in April, according to the Mortgage Bankers Association’s (MBA) Purchase Applications Payment Index (PAPI). PAPI measures changes in monthly mortgage payments relative to income across time. An increase shows the payment to income ratio is up due to increasing application loan amounts or…
More metro areas saw double-digit YOY increases in their median single-family existing-home sales price in Q1 2022 than in Q4 2021, according to the National Association of Realtors’ (NAR) quarterly report. Prices grew by double-digits in 70% of the 185 metros analyzed by NAR, up from 66% in Q4 2021. The median sales of single-family…
Home prices rose by 20.9% YOY in March, setting another record and marking the 122nd consecutive month of YOY home price increases nationally, according to CoreLogic’s Home Price Index (HPI) and HPI Forecast. Home prices were up 3.3% from the month prior. The annual appreciation of detached properties (22%) was 4% higher than that of…
Home sales dropped by 4% last month and 8% YOY, closing out a fast-paced March with signs of a potential cooldown, Redfin reported. Homes sold at their fastest pace ever and for more above list price than any other March in history. The median home-sale price rose 6.2% to $412,700, a record high and the…
By KIMBERLEY HAAS Monthly asking rates for rentals increased an estimated 15.2% year-over-year in January, and some economists say this is accounting for a significant portion of recent inflation. Redfin is reporting that last month the average asking rent was $1,891, which is the largest annual jump since at least February of 2020. The national…
National brokerage HouseCanary’s new Market Pulse report shows troubling trends in housing affordability. The report underscored the shortage of homes with selling prices under $200 thousand. While net new listing activity is up in other pricing categories, it’s down 30% for these homes from the same time last year. List-to-sale price ratios show a seller-friendly…
Monthly mortgage payments for the average homebuyer rose $50 over the last six weeks. Redfin’s Housing Market Update reported that, despite concerns about affordability and price, homes are still selling fast, with about half being sold within two weeks. The $50 increase is a result of prices increasing 12% year-over-year. Homes are on average selling…
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