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.
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.
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