Mortgage News May 22, 2023
According to the latest quarterly report from the National Association of Realtors®, approximately 70% of metropolitan markets experienced an increase in home prices during the first quarter. This occurred while 30-year fixed mortgage rates fluctuated between 6.1% and 6.7%. Within the 221 tracked metro areas, 7% recorded double-digit price growth, which is a decrease from the 18% reported in the fourth quarter of 2022.
In comparison to the same time last year, the median price of existing single-family homes nationwide saw a slight decline of 0.2%, reaching $371,200. This follows a 4.0% increase in the national median price when comparing the previous quarter year-over-year.
In the first quarter, the South emerged as the leading region in the United States in terms of single-family existing-home sales, accounting for 46% of the total. It also experienced a year-over-year price appreciation of 1.4%. In contrast, the Midwest witnessed a price increase of 2.9%, while the Northeast saw a slight decline of 0.1% and the West experienced a more significant decrease of 5.3%.
According to Lawrence Yun, the Chief Economist of the National Association of Realtors® (NAR), cities such as San Francisco, San Jose, and Reno in the western region witnessed a decline of at least 10% in home prices compared to the previous year. On the other hand, cities like Milwaukee, Dayton, and Oklahoma City experienced a significant increase of at least 10% in prices compared to the previous year.
During the first quarter, Austin experienced a year-over-year price decline of 13.5%, while Boise saw a decrease of 10.3% and Phoenix experienced a decline of 7.3%.
In the first quarter, the average inventory of available listings at any given time was 1,630,000, marking a significant 40% decrease compared to the first quarter of 2019, which was one year before the COVID-19 pandemic began.
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