Homeowners are feeling the pinch as searches for Home Equity Line of Credit (HELOC) hit their highest point in U.S. internet history

In fact, according to a LendingTree analysis of U.S. Census Bureau Characteristics of new housing data, homes have shrunk slightly since 2012, but the average price per square foot has nearly doubled.

For a clearer glimpse into what first-time homebuyers are experiencing, Poin2 analyzed the number of years it would take for the average renter to save up for the upfront costs required to buy, as well as how many years it would take to cover the full cost of the first year of homeownership in the top-100 metropolitan real estate areas.

“Buyers searching for starter homes in today’s market are on a wild goose chase because in many parts of the country, there’s no such thing as a starter home anymore,” said Redfin Senior Economist Sheharyar Bokhari.

Despite the widespread aspiration for homeownership, many Americans lack the necessary knowledge of basic concepts integral to this dream.

Led by an increase in sales in the Northeast and Midwest, NAR found that pending home sales nationwide rose slightly month-over-month in June, with the market continuing to struggle with a lack of housing supply.

Continuing our coverage on the Fed’s announcement of a 25-basis point rate hike at the end of their two-day July meeting, more commentary has come through focusing specifically on the real estate market, including sales, defaults, and home prices.

At the conclusion of Fed’s two-day July meeting, the Federal Open Market Committee moved to raise the base interest rate by 25 basis points, with all members voting in favor of the action.

“Home renovations and remodeling drove demand for home equity products in 2022, with roughly two-thirds of borrowers citing it as a reason for applying for a home equity loan. Other borrower reasons were for debt consolidation (25%) and emergency cash management or other (10%),” said Marina Walsh, CMB, MBA’s VP of Industry Analysis.

In addition, although the Case-Shiller Index fell by 0.5% year-over-year, CoreLogic’s Chief Economist Dr. Selma Hepp noted that "while the annual decline reflects price drops that occurred in 2022, recent above-average price gains indicate an inflection ahead.”