{"id":20398,"date":"2022-05-04T13:26:03","date_gmt":"2022-05-04T13:26:03","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=20398"},"modified":"2022-05-04T13:26:05","modified_gmt":"2022-05-04T13:26:05","slug":"us-metros-see-major-price-appreciation","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/us-metros-see-major-price-appreciation\/","title":{"rendered":"US Metros See Major Price Appreciation"},"content":{"rendered":"\n

US Metros See Major Price Appreciation<\/p>\n\n\n\n

Homeowners may be shocked by what their home is now worth. In the first quarter, 70% of the largest metros in the U.S. posted double-digit price growth in median single-family existing-home sales prices, the National Association of REALTORS\u00ae reported Tuesday.<\/p>\n\n\n\n

The median sales price of a single-family existing home rose at a faster pace in the first quarter and was at $368,200, a 15.7% increase from a year ago.<\/p>\n\n\n\n

With both prices and mortgage rates rising, housing affordability is worsening for home buyers. Monthly mortgage payments on a typical existing single-family home with a 20% down payment rose to $1,383, an increase of $319 or 30% higher than a year ago. Households are spending 18.7% of their income on mortgage payments, up 14.2% from a year ago, NAR reports in its latest quarterly report.<\/p>\n\n\n\n

Will High Prices Last?<\/strong><\/p>\n\n\n\n

\u201cPrices throughout the country have surged for the better part of two years, including in the first quarter of 2022,\u201d says Lawrence Yun, NAR\u2019s chief economist. \u201cGiven the extremely low inventory, we\u2019re unlikely to see price declines, but appreciation should slow in the coming months.\u201d<\/p>\n\n\n\n

The first quarter registered a record low number of homes for sale. But Yun predicts that home prices will moderate as more housing supply is expected to come onto the market this quarter.<\/p>\n\n\n\n

He also believes more buyers will get priced out of the market due to the higher mortgage rates. The 30-year fixed-rate mortgage averaged 5.10% last week<\/a>, up 2.98% from a year ago, Freddie Mac reports.<\/p>\n\n\n\n

\u201cI expect more pullback in housing demand as mortgage rates take a heavier toll on affordability,\u201d Yun says. \u201cThere are no indications that rates will ease anytime soon.\u201d<\/p>\n\n\n\n

Falling Affordability<\/strong><\/p>\n\n\n\n

Declining affordability is particularly problematic for first-time buyers who have no home to leverage in a home sale first, Yun says. Also, Yun says housing will remain challenging for moderate-income buyers as prices and borrowing costs continue to rise.<\/p>\n\n\n\n

During the first quarter, the mortgage payment\u2014with a 10% down payment loan for a typical starter home at $313,000\u2014was $1,363, according to NAR data. That marks an increase of $313–or a 30% jump\u2014from a year ago.<\/p>\n\n\n\n

Overall, a family needs at least $100,000 to afford a 10% down payment mortgage in 27 markets, up from 20 markets the previous quarter, according to NAR\u2019s research. Source:\u00a0National Association of REALTORS\u00ae<\/a><\/p>\n\n\n\n

\u00a9National Association of REALTORS\u00ae
Reprinted with permission<\/p>\n","protected":false},"excerpt":{"rendered":"

US Metros See Major Price Appreciation Homeowners may be shocked by what their home is now worth. In the first quarter, 70% of the largest metros in the U.S. posted double-digit price growth in median single-family existing-home sales prices, the National Association of REALTORS\u00ae reported Tuesday. The median sales price of a single-family existing home … <\/p>\n

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