Also, existing home sales (at a seasonally adjusted annualized rate) fell 24% on a year over year basis. September’s annualized rate of home sales of 4.71M is the lowest level since September 2012 (excluding the onset of the pandemic). Meanwhile the months’ supply of unsold inventory was 3.2 months. This is according to a new report from the National Association of Realtors (NAR).
As of 10/20/22, the average 30yr FRM per the Mortgage News Daily surged to 7.37% (over a 4 percentage point increase from 12 months ago). With rising rates, this will likely dampen home sales and prices in the months to come. Due to the rise in rates, it’s costing the average homebuyer looking to buy a median priced home about $898 more per month compared to a year ago (a 73% increase in the P&I payment).
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Compilation of Housing Market Forecast videos:
To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 7.4% 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)
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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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