Rapidly rising inflation and expectations that the Fed will raise short-term interest rates as soon as next month are pushing up mortgage rates.
On the back of an historic holiday shopping season and historic retail sales across all of 2021, U.S. advanced estimates of retail and food service sales for January 2022 rebounded from the -2.5% slide in December 2021.
A strong recovery in 2021 in the U.S. commercial real estate market attracted foreign investors who purchased an estimated $57.7 billion in U.S. commercial real estate in 2021, up 49% from 2020.
Nationally, the existing single-family median home price rose 14.6% year-over-year to $361,700, with 67% of the markets showing double-digit home price appreciation.
At the national level, housing affordability fell in December 2021 compared to the previous month according to NAR’s Housing Affordability Index. Compared to the prior month, the monthly mortgage payment increased by 0.5% while the median family income rose modestly by 0.3%.
Apartment demand is still outpacing supply across all classes of apartments and with demand likely to rise, rental prices are also likely to rise.
When looking at the household composition of home buyers today, 60% of all home buyers are married couples, 19% are single women, and 9% are unmarried couples.
The 30-year fixed mortgage rate surged to 3.69% from 3.55% the previous week. How will higher mortgage rates affect homebuyers?
The U.S. has been underbuilding housing for more than two decades. The reasons are plentiful: lack of skilled labor, availability and cost of land, local regulations which make building difficult, and the ongoing supply crisis.
Matt Christopherson, Research Analyst, and Sidnee Holmes, Research Assistant, were two of the lead authors of the report. In this conversational Q&A, they provide perspectives on how to use the report, insights into the data and the results they found to be most interesting.
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