The 30-year fixed mortgage interest rate now sits at 7.49%, up from 7.31% last week. For buyers who are purchasing the median priced existing-home of $407,100, this is a monthly mortgage payment of $2,275. As mortgage interest rates continue to sit at a 23-year high, it is striking to consider a home buyer who purchased in January 2021, when rates were 2.65%. The same home buyer who purchased at...
The job market continues to crank out jobs in high figures, 336,000 in September and over 4 million more compared to pre-covid March 2020. It does not mean all is well. The jobs data, however, is considered a lagging indicator as the firms will only make a job cuts decision after having cut costs in other areas. Commercial real estate in particular is flashing warning signs. Net leasing on retail and...
In August 2023, existing-home sales improved in the Midwest, were unchanged in the Northeast, and slipped in the South and West. All four regions recorded year-over-year sales declines. Read the full news release. See the summary of August 2023 Existing Home Sales Statistics (PDF: 338 KB) View supplemental market data (PDF: 126 KB) The Existing-Home Sales data measures sales and prices of...
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