Because prices and rates have been on the rise, housing affordability reached yet another all-time record low as the monthly average mortgage payment reached new highs.
To make matters worse, housing inventory of existing houses remains at severely low levels. There’s approximately 21k fewer homes for sale nationwide as of the four weeks ended August 27, 2023 compared to the start of the year. In contrast, the inventory of homes for sale grew by 326k during the same time period last year (January through the end of August 2022).
I share this along with pending home sales, new listings, days on the market and more based on Redfin’s latest housing market update (link below). Thank you for watching the video! I appreciate you. Please like, share this video and subscribe!
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To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 7.1% 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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