Real Estate

Inflated mortgage rates and home prices pushed monthly housing payments to a record high of nearly $2,600, according to a new report from Redfin.

President Biden has issued his budget for 2024, featuring a suite of funding and tax credit proposals aimed to tackle the nation’s housing affordability crisis.

According to a new report from CoreLogic, U.S. homeowners with a mortgage gained an average of $14,300 between Q4 2021 and Q4 2022, a significant decline from gains seen Q1 2022.

While inflated home prices continue to dampen demand, home sales fell to a more than seven-year low in January, as rising rates continue to weaken home affordability.

According to a new report from Realtor.com, U.S. housing markets continue to struggle with a significant shortage of new homes, a result of more than a decade of under-building in response to population growth.

"It seems straightforward: We need to build more homes," said Dr. Skylar Olsen, Zillow's Chief Economist.

After three weeks of consecutive declines, mortgage application volume took a sudden turn upward this week, despite mortgage rates nearing the 7% mark.

The Fannie Mae Home Purchase Sentiment Index decreased nearly four points in February, as homebuyers and sellers expressed concern over current home-selling conditions, returning the index closer to its all-time survey low recorded in October 2022.

“While 2023 kicked off on a more optimistic note for the U.S. housing market, recent mortgage rate volatility highlights how much uncertainty remains,” said Selma Hepp, Chief Economist at CoreLogic.

“With higher mortgage rates deterring many rate locked-in homeowners from selling, free-and-clear homeowners may hold the key to unlocking some much-needed supply for today’s housing market," said First American VP and Deputy Chief Economist Odeta Kushi.