Remove 2022 10 affordability-expectations-improve-as-the-typical-buyer-changes
article thumbnail

Number of price cuts drops as housing inventory rises

Housing Wire

Last week, housing inventory grew and the number of price cuts fell, which is expected at this time of the year. I hope the next thing we see is housing inventory grow at the level it typically does in January or February instead of being delayed until March or April. 2022 21.7% 2022 21.7%

Mortgages 531
article thumbnail

Why mortgage rates are likely to drop as 2023 housing outlook remains gloomy

Housing Wire

However, activity in the housing market will remain depressed at least in the first half of next year as home affordability continues to be a challenge for homebuyers. . Weaker growth typically leads to lower long-term interest rates, including mortgage rates,” Frantoni said in a statement. . is headed for a recession next year.

Mortgages 421
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Housing Market Tracker: A notable drop in inventory

Housing Wire

That’s a big one-week change. Traditionally, we do see housing inventory fall in the month of December, however, we clearly saw in the second half of 2022 that higher rates created more days on the market and inventory was lingering longer. The housing market saw inventory fall 4% last week from the week before.

Marketing 536
article thumbnail

Rate buydowns are the cat’s meow in today’s market

Housing Wire

Rob Nunziata , co-CEO and co-founder of Florida-based FBC Mortgage , says one mortgage sweetener that holds out some promise for making houses more affordable for a broader swath of borrowers is the temporary rate buydown. Most of the temporary rate buydowns offered through FBC are paid for by builders, he said. “We in year one, go to 5.2%

Marketing 410
article thumbnail

Fed’s interest rate hike to create less competition in the housing market 

Housing Wire

But they do agree on one thing: Higher interest rates will quell housing demand, which will allow inventory to rebound and, eventually, spur the return of reluctant buyers. through the rest of 2022. An improvement from the 6% mark, yet it’s still significantly higher than early 2021’s 3% level.

Marketing 305
article thumbnail

New Listing Improvement Held in October, Helping to Cool Competition (October 2023 Market Report)

Zillow Market Reports

Mortgage rates that ascended to 23-year highs in October didn’t have as big an impact on housing demand as might be expected. At $1,991, monthly payments are nearly 10% higher than last October and have nearly doubled in two years. A shortfall of 19% compared to pre-pandemic norms is much improved from a trough of 35% in April.

article thumbnail

Zillow’s 10 Hottest Markets of 2023

Broke Agent Media

Zillow has revealed their top 10 hottest markets of 2023, led by Charlotte, Cleveland, and Pittsburgh. . Three weeks after naming Prairie Village, Kansas, the most popular city of 2022 , Zillow has announced its top 10 hottest markets of 2023. Relatively affordable metros dominated the list. pace in 2022.