January 26, 2023
Mortgage rates continue to tick down and, as a result, home purchase demand is thawing from the months-long freeze that gripped the housing market. Potential homebuyers remain sensitive to changes in mortgage rates, but ample demand remains, fueled by first-time homebuyers.
Information provided by Freddie Mac.
For Week Ending January 14, 2023
Despite softening home prices, housing affordability continued to decline nationwide in Q4 2022 due in part to elevated interest rates. According to ATTOM’s Q4 2022 U.S. Home Affordability Report, median priced single-family homes and condos were less affordable compared to historical averages in 99% of counties nationwide, an increase from Q4 2021, when 68% of counties were less affordable. The portion of wages needed for homeownership costs also increased, with homeownership costs now requiring 32.3% of the average national wage, a 15-year high.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JANUARY 14:
FOR THE MONTH OF DECEMBER:
All comparisons are to 2022
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
January 19, 2023
As inflation continues to moderate, mortgage rates declined again this week. Rates are at their lowest level since September of last year, boosting both homebuyer demand and homebuilder sentiment. Declining rates are providing a much-needed boost to the housing market, but the supply of homes remains a persistent concern.
Information provided by Freddie Mac.