Real Estate News 11/13/2023

Today’s News Synopsis:

Single-family existing-home sales prices rose in 82% of measured metro areas – 182 of 221 – in the third quarter, up from 58% in the previous quarter. The national median single-family existing-home price grew 2.2% from one year ago to $406,900.

In The News:

NAR – “More Than 80% of Metro Areas Registered Home Price Increases in Third Quarter of 2023“ (11-09-2023)

“The monthly mortgage payment on a typical, existing single-family home with a 20% down payment was $2,192 – up 19.2% from a year ago.”

NAR –  “Profile of Home Staging” (11-13-2023)

“58% of buyers’ agents cited that home staging had an effect on most buyers’ view of the home most of the time, while 31% said that home staging has an effect, but not always.”

NAHB  –  “Rising Mortgage Rates Push Housing Affordability to Lowest Level in Index History” (11-09-2023)

“Rising mortgage rates, elevated construction costs and limited existing inventory helped push housing affordability in the third quarter of 2023 to its lowest level in more than a decade.””

Yahoo Finance –  “Millennials are struggling with credit card debt, NY Fed study finds” (11-08-2023)

“Credit card balances rose by $48 billion in the third quarter to a record high of $1.08 trillion, according to data released Tuesday by the Federal Reserve Bank of New York.  ”