February 2022’s pending home sales pace declined 4.1% last month and fell 5.4% from a year ago.
The 30-year fixed mortgage rate surged to 4.42% from 4.16% the previous week. With rates having increased by 1.2% since the beginning of the year, the typical homebuyer needs to spend $250 more every month to be able to purchase a home.
The retail vacancy rate declined throughout 2021 and ended Q4 2021 at 4.7%, down from the previous quarter's 4.8%. Retail vacancy as of Q1 2022 is down to 4.5%.
Buyer competition intensified in February 2022, with an average of nearly five offers for every home sold.
Mortgage rates jumped above 4% to their highest level since April 2019, with the 30-year fixed mortgage rate rising to 4.16% from 3.85% the previous week.
Retail sales recorded a seasonally adjusted total of $658.1 billion in February, an increase of 0.3% from January 2022.
At the national level, housing affordability fell in January compared to the previous month, and the monthly mortgage payment increased by 3.4%.
Apartment asking rents are rising at a double-digit pace in 35% of 390 metro areas, according to NAR's analysis of asking rent data in those areas.
High-income homeowners accounted for 71% of increase in value of owner-occupied housing from 2010 through 2020.
Mortgage rates rose this week as inflation jumped to its highest level since January 1982, with the 30-year fixed mortgage rate increasing to 3.85% from 3.76% the previous week.
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