Affordability Rears its Head Again
Author bio section
I am the author of this blog and also a top-producing Loan Officer and CEO of InstaMortgage Inc, the fastest-growing mortgage company in America. All the advice is based on my experience of helping thousands of homebuyers and homeowners. We are a mortgage company and will help you with all your mortgage needs. Unlike lead generation websites, we do not sell your information to multiple lenders or third-party companies.
Many affordable housing markets have seen a hike in home prices, making them a tough grab for the buyers, says Redfin.
Daryl Fairweather, Redfin’s Chief Economist, stated in a press release that “Home price growth this high is making the housing market especially difficult for first-time homebuyers right now. Rising prices are just one more reason for people to leave expensive urban neighborhoods behind.” “Price growth may slow in 2021, but even if it does, high prices are going to continue to make affordability a concern for buyers,” added Fairweather.
For the four weeks closing on Sep 6, the median home price sat at $319,171 on average. This is a 13% hike on the year-over-year chart. Such yearly gain hasn’t been reported for the last 7 years. Redfin reveals that 28% more homes have been sold compared to the same time, last year. This again is the biggest rise since Aug ‘15’.
About half the sellers have had to wait less than two weeks after putting their property on the market. This is 15% higher than last year and the highest that the percentage has been since Redfin started tracking the data.
New listings have risen to 86,986- this is a 9% hike on the yearly chart. Such a hike is unprecedented for any four weeks since the last month of 2015.
Related Posts
- 78Home prices have completely stabilized and the shortage in housing supply is fast becoming a thing of past. Great news then for potential homebuyers who have come right into the mix! Only time will tell whether we are nearing the tail-end of the present cycle but from the looks of…
- 76Why you need Home Warranty? For many new owners, this is a great way to gain peace of mind about problems that they used to call the landlord to fix; ones that often aren't covered under their homeowner's insurance. But make sure you read your contract carefully to see what…
- 75What is home inspection? A home inspection- is a limited examination of a home's condition and is done when a home is put on the market for sale. State Laws do not require to have a home inspection or the number of inspectors you should bring. But even if the…
- 75Most lenders will require that you have homeowners insurance in place before the closing. This is also be called hazard insurance because it covers natural disasters like fire and storms, and theft. Why do you need insurance for a house? The lender won't fund the loan on a property that…
- 74Fannie Mae is set to release a new version (9.0) of its automated underwriting system called DU (Desktop Underwriter) over the weekend of Oct 20th, 2012. Fannie Mae tightened some underwriting guidelines based on their performance data. Here are some highlights: Limited Review for Condominium to be capped at 80%…
