Housing Affordability Hits Historical Low in August 2023

At the national level, housing affordability fell in August compared to the previous month, according to NAR’s Housing Affordability Index. The monthly mortgage payment increased by 2.9% compared to the prior month, while the median price of single-family homes declined modestly by 0.8%. The month

Existing-Home Sales Fell 2.0% in September

Key Highlights Existing-home sales slid 2.0% in September to a seasonally adjusted annual rate of 3.96 million. Sales retreated 15.4% from one year ago. The median existing-home sales price grew 2.8% from one year ago to $394,300, marking the third consecutive month of year-

Instant Reaction: Mortgage Rates, October 12, 2023

Mortgage interest rates inched upwards and closer to the 52-year average (7.74% since 1971) by hitting 7.57% this week. While some may remember a time when rates were higher, home prices then were also considerably lower and more on par with income. The current mortgage rate means a $2,253 monthly