Current Market Data
Millennials are purchasing houses — finally. Over the past year, millennials made up the largest share of homebuyers: 37% according to Barron’s.
Boston and Raleigh had the highest bidding-war rates, as the rate fell to a 2021 low.
The outside temperature isn’t the only thing cooling off in Houston as October comes to an end. New listings in Week 42 were down 8.1% compared to the same time last year, according to the Houston Association of Realtors
“Contract transactions slowed a bit in September and are showing signs of a calmer home price trend, as the market is running comfortably ahead of pre-pandemic activity.” — NAR chief economist Lawrence Yun
Home-price gains were once again broadly distributed, as all 20 cities in the S&P CoreLogic Case-Shiller Home Price Index rose, although in most cases at a slower rate than a month ago.
At the same time, the increase in interest rates drove fewer borrowers to refinance their loans, according to the Mortgage Bankers Association.
The month also saw a slight shift in inventory, even though shortages continued.
“There simply aren’t enough homes for sale relative to the demand fueled by millennials armed with low mortgage rate-driven house-buying power.” — First American Deputy Chief Economist Odeta Kushi
The median existing-home price for all housing types in September was $352,800, up 13.3% on an annual basis, as every region in the country registered price increases.
New listings have slowed again in Houston’s real estate market, falling 8.9% during the week ended Oct. 18, according to the Houston Association of Realtors (HAR) weekly activity snapshot. This nearly 9% decline followed a 1.3% year-over-year decline in