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.
After last week's surge, the 30-year fixed mortgage rate rose slightly to 5.30% from 5.27% the previous week. Unyielding inflation and the Fed's tightening policy seem to be the main drivers of today's mortgage rates.
The South region is the hottest commercial real estate region, accounting for 11 of the top 16 commercial real estate markets, including the Florida markets.
Home price growth remained strong for the first quarter of 2022, and national median prices rose 15.7% year-over-year to $368,200.
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