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“A lot of sellers who don’t get the price they had hoped for are taking their homes off the market. Many of them have a rock-bottom mortgage rate and figure they can wait to sell,” said Shay Stein, a Redfin real estate agent in the Las Vegas area.

According to a new Apartment List report, the Black homeownership rate currently stands at 44% nationwide, as white homeownership continues to exceed Black homeownership in each metro analyzed.

A recent NAHB member poll found that building materials remain a big challenge for home builders, but new issues are coming to the forefront.

The MBA reports that the national median mortgage payment applied for by purchase applicants increased 2.3% in December 2022, going from $1,920 to $1,964.

While Texas remains a popular migration destination for Californians, California had the most people interested in moving to Washington, D.C., a change of pace from usually warmer climates.

“Mortgage delinquency rates continued to post some of the strongest performance in three years in December, as a healthy job market helped borrowers remain current on their payments,” said Molly Boesel, Principal Economist at CoreLogic.

As existing-home sales fall for the 12th consecutive month, Freddie Mac reports that the rise in rates to 6.50% has exacerbated affordability issues for homebuyers nationwide.

A four-month high in mortgage rates has led to a steady decline in overall mortgage application volume, as the MBA reports purchase applications falling to levels last seen in 1995.

While unemployment and mortgage rates have both dropped recently, unsustainably high consumer spending and inflationary pressures are expected to push the economy into a recession during Q2 of 2023.

According to a new Redfin report, the Bay Area housing market lost more value in percentage terms than anywhere else in the country as demand waned, while Florida continued to see large gains.