Housing Affordability Drops to a Record Low: Slowdown Coming?

The craziness continues! For only the second time since February, the median sold price in the US is now higher compared to the same time period last year. This is wild given the fact that average 30yr fixed mortgage rates have been at or above 6% since September 2022. On top of that, the median sold price nationally is only $3k away from breaking the all-time record high that was set in June 2022. Not sustainable.

Additionally, the national median sold price has increased by 10% year to date (through the four-week period ending 7/16/23) per my analysis of Redfin’s data.

In today’s video, I provide an update on home prices, pending home sales, new listings and more! This is based on a brand new report from Redfin (link below).

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Compilation of Housing Market Forecast videos:
https://youtube.com/playlist?list=PLiQQpOejscIcBF1Jw2zG6Uvg7qDav_oGi

Report I discussed:
https://www.redfin.com/news/housing-market-update-home-prices-climb-low-supply/

To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 7% for the current mortgage rates (at the time of filming this video for those with excellent credit).

Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?

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Jason Walter, CPA (lic 103885)
Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
[email protected]

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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.

This video description may contain affiliate links that allow you to easily find the items mentioned in my videos as well as support the channel at no cost to you. Thank you for your support! Jason Walter is a licensed real estate agent with Realty One Group Complete in California under DRE 01923240.

#Redfin #Zillow #housingmarket