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 attached properties (17.3%). But the company predicts that home price growth will moderate to 5.9% by March 2023 due to rising interest rates and low affordability. Late April rates jumped about 30% YOY, a “trend that might derail more prospective buyers.” “The annual growth in the U.S. index was the largest we have measured in the 45-year history of the CoreLogic Home Price Index,” said…
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 fastest month-over-month gain for this time of year since 2013. But seasonally adjusted home sales fell 4% thanks to severe inventory shortages, rising rates, and accelerating home prices. Seasonally adjusted active listings—the count of all homes that were for sale at any time during the month—fell 13% YOY to an all-time low. “Although pricey coastal markets began showing early signs of a slowdown in late…
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 median monthly mortgage payment for homebuyers climbed by 25% year-over-year to $1,595. That is also the biggest increase in Redfin’s records. Redfin Chief Economist Daryl Fairweather noted that rising mortgage rates are shrinking more Americans out of the for-sale market, which will likely put increasing pressure on rents this year. “Moving right now is expensive, whether you’re renting or buying,” Fairweather said. “One of the only…
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 environment staying put, hovering slightly above 100. “The record growth in home prices over the past year driven by short supply has made homeownership less affordable for many Americans, especially for would-be first-time homebuyers and those searching for homes under $200K. It’s also worth noting that mortgage rates have increased recently, topping 3% for the first time since early July,” said Jeremy Sicklick, Co-Founder and…
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 about 1% above asking price, though listings with price drops are increasing slightly. The number of homes sold above list price was up 13% year-over-year to 47%, but the smallest share since April. “Mortgage rates and asking prices are both on the rise, which translates to higher housing costs,” said Redfin Chief Economist Daryl Fairweather. “For now, mortgage rates are still hovering near 3%, and…
