Market Trends

Continued economic growth and a rise in inflation have helped push mortgage rates up for the fourth consecutive week, making it difficult for potential buyers to jump into the purchase market.

According to a new report from the National Association of Realtors, people of color nationwide are facing homebuying challenges, while the Asian American rate of homebuying difficulty reaches all-time high.

According to a new ATTOM report, mortgage lending declined to its lowest point in nearly nine years in Q4 2022, while purchase loans decreased an estimated 26%.

The rate at which homes change hands is down from its 2020 peak but has overall doubled in the last few decades due to insufficient housing.

As a result of slowing market activity and steadily increasing interest rates, a new HouseCanary report revealed early signs of housing market activity growth halted due to the latest round of rate hikes.

According to a new report from Zillow, some 39% of first-time home sellers wish they had set a higher list price, as 9 in 10 first-time sellers think they could have gotten a higher price by making different choices.

Overall mortgage application volume fell 5.7% week-over-week, with homebuyers again retreating to the sidelines as a spike in mortgage rates hampered affordability.

“The cooling in home prices that began in June 2022 continued through year end, as December marked the sixth consecutive month of declines for our National Composite Index,” says Craig J. Lazzara, Managing Director at S&P DJI.

According to a new report from Bankrate, the Austin job market is booming, attracting many homebuyers and ranking first on the list of best and worst places for first-time homebuyers.

“Buyers responded to better affordability from falling mortgage rates in December and January,” said NAR Chief Economist Lawrence Yun.