Market Trends

Appraisal valuation gaps may persist between white and minority population tracts, but new research from the FHFA has found a reduction in that gap following actions by stakeholders and federal, state, and local agencies.

According to Zillow, metros in the Midwest and Northeast experienced the highest increases in home values nationwide, but while all major U.S. markets’ home values inched upward from June to July, nearly half remain down from last year’s levels.

The Q2 2023 TransUnion Credit Industry Insights Report reveals the latest credit trends as lenders have begun to tighten underwriting. Some 50% of Gen Zers surveyed say they plan to apply for new credit or refinance existing credit within the next year.

"Just like the weather, large local market variations exist despite the minor change in the national home price," NAR Chief Economist Lawrence Yun said.

According to a new report from Redfin, only Western regions are experiencing a drop in asking rents, which are continuing to cool after surging nearly 20% last year.

Freddie Mac Chief Economist Sam Khater points out that "upward pressure on rates is the product of a resilient economy with low unemployment and strong wage growth, which historically has kept purchase demand solid.”

LendingTree found that shopping around for a mortgage could help borrowers across the nation’s largest metros save an average of $84,301 over the lifetime of their loans.

“The increasing severity of natural disasters and the rising cost of construction is forcing mass-market carriers to reassess their growth strategies and put expansion on hold,” said Ben Madick, CEO and Co-Founder of Matic Insurance.

According to a new study from Real Estate Witch, 60% of surveyed Americans underestimate nationwide home prices, with only 1 in 7 knowing that the current median home price falls between $400,000 and $499,000.

With mortgage rates surpassing the 7% mark, the MBA reports yet another dip in weekly purchase and refi apps as homebuyers struggle in the face of a depleted housing supply and elevated mortgage rates.