As the spring homebuying season kicks off, you may be ready to buy a home of your own, but continuing inflation, high home prices and high interest rates may be giving you pause. Is now a good time to buy a home? Market conditions are changing. According to a new report,
Key Highlights Existing-home sales jumped 14.5% in February to a seasonally adjusted annual rate of 4.58 million, snapping a 12-month slide and representing the largest monthly percentage increase since July 2020 (+22.4%). Compared to one year ago, however, sales retreated 22.6%. The median existing-home sales price decreased 0.2% from the
First-time homebuyers are discouraged by high home prices, higher interest rates and continuing inflation. According to the National Association of REALTORS, by mid-2022, first-timers made up only 26% of all homebuyers, the lowest number in 41 years. The age of first-timers rose from 33 to 36, an all-time high, while their median household income slipped to $71,000 from $86,000 year-over-year.
Inflation, home prices and interest rates were higher in 2022 than they’ve been in years, but if you’re planning to become a homeowner in 2023, you’ve got time to improve your buying power. TheMortgageReports.com recommends talking to a mortgage lender, even if you aren’t ready to buy until later in the
It’s been the year for contradictions in the housing market. Housing sales are decelerating, home builders are slowing down production and mortgage interest rates are more than double what they were a year ago. Mortgage applications are at their lowest level in 22 years. However, home prices remain near record highs, driven
