The 5% consumer price inflation in March is a steady improvement from 9% last summer, 8% in autumn, 7% during Christmas, and 6% in the early months of 2023.
Since October 2022, the share of buyers purchasing their home without a mortgage has been more than one-quarter of the market.
More jobs mean more potential home buyers. In March, 236,000 more Americans were working and earning income. That brings a one-year gain to 4.1 million and 3.2 million more jobs compared to the pre-pandemic employment peak in February 2020.
Mortgage rates continued to improve in the past week to an average rate of 6.28%, marking the fourth consecutive week of decline.
NAR released a summary of pending home sales data showing that February’s pending home sales pace rose modestly 0.8% last month but fell 21.1% from a year ago.
Although there was some calming in the market after the recent bank shock, mortgage rates continued to drop.
In real estate, mom-and-pops are owners of small rental properties (1-4 units), and they do the day-to-day management of these properties. But being a mom-and-pop landlord can be challenging. While March 29 is designated as Mom and Pop Business Owners’ Day, let’s take a look at some facts about mom-and-pop landlords and small rental properties.
At the national level, housing affordability rose in January compared to the previous month, according to NAR’s Housing Affordability Index.
Mortgage rates fell even further this week. With rates below 6.5%, more Americans can purchase the median-price home by putting 18% down without being cost-burdened.
Due to recent developments in the banking sector, mortgage rates fell this week to 6.60% from 6.73% the previous week.
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