The Craziness Continues… Housing Market Alert

The madness continues… purchase applications for home loans jumped last week by a whopping 10% per the Mortgage Bankers Association (MBA). This is during an environment where housing affordability is at an all-time record low (per the MBA) due to elevated mortgage rates and rising home prices. For example, based on my own analysis of Redfin’s data, the US median sold price has increased 7.6% since ~February this year. This is a seasonal uptick but less than the 11% gain we saw during the same time period in 2022. However, the rise this year is remarkable given that average rates for a 30yr fixed rate mortgage have been at or above 6% since September 2022 and average rates were 3% from 2021 to 2022.

Also in today’s video, I share a detailed look at early indications of home buyer demand such as real estate showings, Google searches for “homes for sale”, pending home sales and more!

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My previous video I mentioned:
THIS is Not Sustainable: Housing Market Madness
https://youtu.be/RvU9TkzsUI0

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

Reports I shared in today’s video:
https://www.mba.org/news-and-research/newsroom/news/2023/05/10/mortgage-applications-increase-in-latest-mba-weekly-survey

https://www.showingtime.com/impact-of-coronavirus/

https://www.redfin.com/news/data-center/

https://www.mortgagenewsdaily.com/mortgage-rates/30-year-fixed

https://www.realtor.com/research/april-2023-data/

To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 6.6% 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.

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#mortgage #mortgagerates #homebuyer