Market Trends

Although a national debt default is unlikely, new scenario projections from Zillow reveal home sales would decrease sharply. While home values would not lose much ground, a surge in mortgage rates would do further damage to nationwide housing affordability.

The Spring Legal League Summit, hosted by Five Star Institute, featured two days of classes, discussions, and networking, followed by a trip to a Texas Rangers Game.

According to the 2023 ServiceLink State of Homebuying Report, there is still a strong desire across several generations to achieve the goal of homeownership. Approximately 52% of respondents said they still plan to consider buying a home despite challenging market conditions.

Home values are up 1% from March to April, with a new report from Zillow revealing the market sits firmly in sellers' favor as rising demand continues to meet low supply.

“Even with high mortgage rates and reduced credit availability, the lack of for-sale inventory continues to be the biggest hurdle to more home purchase growth this year,” said Joel Kan, MBA’s VP and Deputy Chief Economist.

"Generally speaking, home prices are lower in expensive markets and higher in affordable markets, implying greater mortgage rate sensitivity for high-priced homes," said NAR Chief Economist Lawrence Yun.

According to HouseCanary's latest National Rental Report, demand for rentals is outpacing the increase in inventory, resulting in an increase in median listing prices and days on the market.

According to Bank of America’s 2023 Homebuyer Insights Report, prospective homebuyers said they feel more confident in their ability to purchase a home today, while 55% of respondents believe the market is more competitive than last year.

However, in good news for buyers, mortgage rates averaged 6.38% in April, a full 17 basis points lower than was reported in March.

As the nationwide homeownership rate sits at nearly 70%, a new study from PropertyShark revealed which economic factors continue to impact U.S. rates. Percentages in coastal and southern states have seen a sharper decline compared to states like New York or California.