By the Numbers
“Mortgage rates decreased for the first time since August, as concerns about supply-chain bottlenecks, waning consumer confidence, weaker economic growth and rising inflation pushed Treasury yields lower.” — MBA associate vice president of economic and industry forecasting Joel Kan
“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.
As the intense demand for homes continues to outmatch supply nationwide, buying a home is becoming an increasingly expensive feat. The median value of a home in the U.S. is $281,370, an 11.6% increase over the last year. Meanwhile,
The decrease was driven by a 5.1% month-over-month slide in the rate of multifamily starts, while single-family construction was flat.
Days on market rose 7.4% from August, and months supply of inventory slid 5.6%, according to RE/MAX’s National Housing Report.