Real Estate News 04/19/2024

Today’s News Synopsis:

According to data from Freddie Mac, 30-year mortgage rates have once again risen above 7%. As home prices continue to rise and inventory remains low, the potential for new homebuyers to afford a home dwindles.

In The News:

Yahoo Finance – “Mortgage rates likely to hit 8% in a few months: Expert“ (04-19-24)

“As home prices continue to rise and inventory remains low, the potential for new homebuyers to afford a home dwindles.”

CNBC –  “March homes sales dropped despite a surge in supply. Here’s why.“ (04-18-2024)

“The median price of an existing home sold in March was $393,500, up 4.8% from the year before.”

HousingWire –  “Why are existing home prices rising when sales are still so low?” (04-19-24)

“Existing home sales fell in today’s report, but home prices are still up year over year, even with higher inventory and higher mortgage rates.”

Yahoo Finance – “Here’s the math keeping housing inventory so low” (04-13-2023)

“According to Intercontinental Exchange Inc. (ICE), such a buyer would now have to swallow $1,384 more per month.”

MPA Mag – “What went wrong with US inflation?” (04-18-2023)

“This was supposed to be the year that US inflation rode the last mile down to 2%, letting the Federal Reserve steadily reduce interest rates from a two-decade high. Now those expectations have been dashed.”