Susannah Wright, a Senior Manager at Treliant, has worked in all aspects of default mortgage servicing over the past 22 years, including bankruptcy and collections. She also has four years of experience in handling flood compliance for commercial mortgages. Susannah has a deep background in residential lending and compliance. Prior…
- Source: DSnews.com
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Home prices continue to rise to all time high levels, with the median sales price for an existing home at $350,300.00, a 15.4% increase over last year. This increase makes 119 consecutive months that home sale prices have risen year-over-year, which is the longest-running streak on record. Sales of existing homes rose as well, increasing 6.7% over the prior month.
“ “Buyers were likely anticipating further rate increases and locking-in at the low rates, and investors added to overall demand with all-cash offers,” said Lawrence Yun, NAR’s Chief Economist. “Consequently, housing prices continue to move solidly higher.”
Specifically in the South, existing home sales rose 9.5% from the prior month. The median price was $312,400, which is 18.7% higher than the previous year. The South has sustained the highest rate of appreciation in the country for the fifth month in a row.
Overall, the total available housing inventory was 860,000 units at the end of January, which is an all time low and down 16.5% from a year ago.
“The inventory of homes on the market remains woefully depleted, and in fact is currently at an all-time low,” Yun said.
“Yun explained that the forthcoming increase in mortgage rates will be problematic for at least two market segments.
“First, some moderate-income buyers who barely qualified for a mortgage when interest rates were lower will now be unable to afford a mortgage,” he said. “Second, consumers in expensive markets, such as California and the New York City metro area, will feel the sting of nearly an additional $500 to $1000 in monthly payments due to rising rates.”