At the national level, housing affordability declined in April 2022 compared to the previous month, with monthly mortgage payments increasing by 14.5% and median family income increasing modestly by 0.7%.
Rising rents and home prices (not part of CPI Inflation) have caught up with multiple years of housing underproduction of single-family homes and apartments.
Mortgage rates resumed their upward trek after falling for the last three weeks. According to Freddie Mac, the 30-year fixed mortgage rate rose to 5.23% from 5.09% the previous week.
NAR calculated the total economic impact of real-estate-related industries on the state economy, as well as the expenditures that result from a single home sale, including aspects like home construction costs, real estate brokerage, mortgage lending, and title insurance.
Mortgage rates remained roughly flat near 5.1% this week after falling for the last two weeks.
The latest Case-Shiller data shows prices continued to heat up over the 3-month period ending in March, even as mortgage rates started to rise.
The pending home sales pace in April 2022 fell 3.9% month-over-month and 9.1% year-over-year.
A homeowner who purchased a typical home five years ago would have gained $125,300 from just price appreciation alone.
Following the 10-year Treasury yield trend, the 30-year fixed mortgage rate fell to 5.25% from 5.30% the previous week.
The worst of the housing shortage is ending, but market equilibrium between supply and demand is still some ways off.
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