Market Trends

Elevated mortgage rates continue to accentuate affordability concerns, keeping many prospective buyers out of the market. Meanwhile, the MBA reports application volume slid to close out 2022.

First American reports that between September 2022 and October 2022, rose nearly 9% month-over-month, with the rapid annual decline in affordability driven by a 12% annual increase in nominal house prices.

According to a new study by the American Enterprise Institute's Housing Center, all of the 60 largest metros analyzed experienced significant declines in home prices in November, marking the end of the longest home price boom on record.

CoreLogic reports that home price appreciation year-over-year was up for the 130th consecutive month in November, but growth dropped to single digits at just 8.6%.

Southern states are seeing an influx of movers, according to North American Van Lines' 2022 Annual Migration Map, with many Americans migrating to find increased affordability, better quality of life, and lower income taxes.

The supply of homes for sale posted a record year-over-year increase in December, according to new data from Redfin's Homebuyer Demand Index, which showed an increasing rise in demand despite many homes lingering on the market due to rising mortgage rates.

According to said NAR Chief Economist Lawrence Yun, “Pending home sales recorded the second-lowest monthly reading in 20 years as interest rates, which climbed at one of the fastest paces on record this year, drastically cut into the number of contract signings to buy a home.”

According to a new report from Redfin, some homebuyers are resuming their search as home prices and mortgage rates dip.

Mortgage rates trended upward to close out the year, as Freddie Mac’s Chief Economist forecasts the housing will remain weak throughout the winter.

Marking a shift from 2021's leaders from the West Coast, a new Zillow study of the nation’s most searched markets found the town of Prairie Village at the top of its popularity rankings with site-leading page views of for-sale listings per day.