May Existing Home Sales: Affordability Pumps the Brakes on Home Sales
A sharp pullback in sales is the latest evidence that waning home affordability is forcing the housing market to pump the brakes.
Market Trends
Mortgage Rates Shoot Higher on Inflation Report
Rates were gradually increasing throughout the week, then shot higher on Friday with the Consumer Price Index release. The CPI report showed increasing inflation in May, rising from 8.3% in April to 8.6%, higher than market expectations.
In Q1, homeowners sold 12,652 homes using an iBuying service. iBuyer market share was 1.3%.
June is Pride Month, with a goal of raising awareness and increasing efforts to achieve equal opportunities for LGBTQ+ Americans. This month and every month, Zillow Research is committed to shining a light on housing market challenges and opportunities that disproportionately affect LGBTQ+ home buyers, sellers and renters.
April New Home Sales: Mortgage Rates Stunt Growth
New residential sales declined considerably in April – marking the lowest annualized rate since April 2020.
Zillow’s Most Popular Markets of Early 2022: Pricey Suburbs Top the List
Zillow’s most popular market of early 2022 is Woodinville, Washington, leading a list of fast-growing suburbs as the most in-demand places of the first three months of the year.
April Existing Home Sales: Leveling the Playing Field
Tight inventory and decade-high interest rates were likely weighing on the minds of prospective buyers in April.
The Housing Market is as Competitive as Ever Despite Soaring Costs (April 2022 Market Report)
Despite rising home values and mortgage rates, the housing market is as competitive as ever. Buyer demand has been strong enough to keep the market moving at a record pace, even after a massive spike in mortgage rates.
Home Values Are Growing the Most in Suburbs, but Demand May Be Shifting Back Toward City Centers
The typical suburban home gained more value over the past year than the typical urban home. That is a reversal from previous norms and from the first 15 months of the pandemic.
Mortgage Rates Rise As Markets Reverse Course
Mortgage rates increased last week, reaching heights we haven’t seen in more than a decade. While markets reacted positively to the Federal Open Market Committee action last week, markets reversed course in recent days to drive rates higher. Inflation, supply chain challenges and labor issues continue to weigh on the minds of market watchers, and may force the Federal Reserve to take more hawkish actions to tame inflation than what is currently being signaled
