February Existing Home Sales: Mounting Headwinds
February’s drop in existing home sales is likely the result of headwinds provided by low inventory and worsening affordability.
Skyrocketing Home Values Out-earn Salaries
While homeowners watched their assets multiply in 2021, the chasm separating many renters from homeownership widened, as home prices skyrocketed and rising rents eroded their ability to save for a down payment.
February Housing Starts: Every Incentive to Keep Pushing
February housing starts totaled 1.77 million (SAAR), up 6.8% from January 2022 and 22.3% from February 2021.
Leap Years: How the Housing Market Soared During the Pandemic (February 2022 Market Report)
Inventory is down by almost half from two years ago, helping push housing costs up throughout the transformative, two-year pandemic era.
Zillow February 2022-February 2023 Home Value & Sale Forecast
Zillow expects annual home value growth to peaking at 22% in May before gradually slowing to 17.8% by February 2023.
Mortgage Rates At Highest Level in Nearly Three Years
Economic data pointed to continuing inflation pressures and tight labor markets. With new supply chain disruptions and higher energy prices, investors are concerned that further inflationary stress may result in additional increases in interest rates.
Buyers Pay up to 3.7% more for Homes that Work Hard & Play Hard
Home listings mentioning remote work-friendly and/or leisure-focused features can sell for more than expected.
How Mortgage Applications for Vacation Homes Spiked Early in the Pandemic
Mortgage applications for vacation homes rose almost 30% from 2019 to 2020 as many home buyers likely sought to take advantage of flexible working arrangements in the early phases of the pandemic, according to a Zillow analysis of 2020 data from the Home Mortgage Disclosure Act (HMDA).
Mortgage Rates Move Lower as Investors Shift Out of Risky Assets
Markets have been very volatile due to the Russian invasion of Ukraine and investors are shifting out of risky assets – depressed rates, despite concerns over rising prices for goods and services and fast-increasing energy costs that have pushed U.S. gas prices higher.
Conforming Loan Limits Jump by Record Amount To Keep up with Rapid Home Price Appreciation
The conforming loan limit rose to $647,200 in most counties for 2022, up 18% (almost $100,000) from 2021.
