Home price growth remained strong for the first quarter of 2022, and national median prices rose 15.7% year-over-year to $368,200.
Nationally, housing affordability declined in March 2022 compared to February, with the monthly mortgage payment increasing by 9.7% while the median family income increased by 1.1%.
In April 2022, 428,000 net new jobs were created, with unemployment low at 3.6% and two job openings for each unemployed person searching for employment.
According to Freddie Mac, the 30-year fixed mortgage rate fell slightly to 5.10% from 5.11%.
The economy contracted 1.4% in the first quarter of 2022 as consumers cut back on essential spending.
March 2022’s pending home sales pace decreased 1.2% last month and dropped 8.2% from a year ago.
Rising interest rates are likely to put some upward pressure on cap rates in 2022.
Home prices rose at a surprising, accelerated pace of 19.8% year-over-year in the past three months as of February 2022.
REALTORS® reported an average of nearly five offers on each home that sold in March, the same as in February and one year ago.
According to Freddie Mac, the 30-year fixed mortgage rate rose to 5.11% from 5% the previous week. As a result, home buyers need to earn about $25,000 extra if they want to buy the typical home now compared to a year earlier.
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