The monthly mortgage payment on the typical single-family home is now $1,059, according to new third-quarter data from the National Association of Realtors. Up $27 from last year, the increase comes as the NAR’s most recent quarterly price report shows home prices up in every measured metro area. In fact, more than half of the included cities had double-digit increases and all four major regions were up year-over-year. Lawrence Yun, NAR’s chief economist, says rising prices are going to affect affordability conditions, regardless of how low mortgage rates go. “Favorable mortgage rates will continue to bring fresh buyers to the market,” Yun said. “However, the affordability situation will not improve even with low interest rates because housing prices are increasing much too fast.” But why are prices rising? Well, part of it is too few homes for sale. The pandemic caused already low inventory to fall further. And too few available homes, combined with elevated buyer demand, has caused more competition and bidding wars, which push prices higher. (source)
Third Quarter Home Prices Up Everywhere
- Horizen Realty
- November 13, 2020
Is It Getting More Affordable To Buy a Home?
April 18, 2024
Is It Better To Rent Than Buy a Home Right Now?
April 17, 2024
Should I Wait for Mortgage Rates To Come Down Before I Move?
April 16, 2024
Get The Latest Updates
Subscribe To Our Weekly Newsletter
No spam, notifications only about new products, updates.
KEEP READING
Related Posts
Ways To Use Your Tax Refund If You Want To Buy a Home
Have you been saving up to buy a home this year?
The Perks of Downsizing When You Retire [INFOGRAPHIC]
If you’re about to retire, or just did, downsizing can be a good way to try to cut down on some of your expenses.
Builders Are Building Smaller Homes
There’s no arguing it, affordability is still tight.
Should I Move with Today’s Mortgage Rates?
When mortgage rates spiked up over the last few years, some homeowners put their plans to move on pause.