• About Us
  • Contact Us
  • Privacy Policy
  • Submit an Article
  • Advertise With Us
Friday, May 27, 2022
  • Home
  • Industry News
    • Video
  • Property
    • Real Estate Investment
    • Research
  • Special Focus
  • Home Tips
    • Outdoor
    • Lifestyle
    • Interior
    • Health Guide (DIY)
  • Market Guide
    • Average Property Prices
    • Average Mortgage Rates in Nigeria
    • List of Primary Mortgage Institutions in Nigeria
No Result
View All Result
Homes & Property Guide
Advertisement
  • Home
  • Industry News
    • Video
  • Property
    • Real Estate Investment
    • Research
  • Special Focus
  • Home Tips
    • Outdoor
    • Lifestyle
    • Interior
    • Health Guide (DIY)
  • Market Guide
    • Average Property Prices
    • Average Mortgage Rates in Nigeria
    • List of Primary Mortgage Institutions in Nigeria
No Result
View All Result
Homes & Property Guide
No Result
View All Result

America’s average monthly mortgage payment rose $50 in last 6 weeks

John Igbede by John Igbede
8 months ago
in Industry News
0 0
0
America’s average monthly mortgage payment rose $50 in last 6 weeks
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

National property broker Redfin is reporting that the average U.S. homebuyer’s monthly mortgage payment rose $50 over the last six weeks.
According to homeproperty news, sellers’ median asking price increased 12% year over year to a new record-high and mortgage rates surpassed 3%.

ADVERTISEMENT

Despite rapidly declining affordability, many homes are still selling very quickly–nearly half find a buyer within 2 weeks. Although homes are still selling for about 1% above asking price on average, the share of listings with price drops is increasing, suggesting that price increases may be easing just slightly.

“Mortgage rates and asking prices are both on the rise, which translates to higher housing costs,” said Redfin Chief Economist Daryl Fairweather. “For now, mortgage rates are still hovering near 3% and demand remains strong. However, we are likely to see rates tick up into the winter months, and that could slow demand just like it did in late 2018. As that happens, sellers will have a harder time getting buyers to bite on their sky-high asking prices.”

Asking prices of newly listed homes were up 12% from the same time a year ago to a median of $365,073, an all-time high. Asking prices rose throughout the month of September, in a typical late-summer seasonal uptick.
Pending home sales were up 3% year over year, the smallest year-over-year increase since June of 2020.
New listings of homes for sale were down 8% from a year earlier. New listings have been below 2020 levels since the four-week period ending August 22.
Active listings (the number of homes listed for sale at any point during the period) fell 23% from 2020.
46% of homes that went under contract had an accepted offer within the first two weeks on the market, above the 42% rate of a year earlier.
33% of homes that went under contract had an accepted offer within one week of hitting the market, up from 30% during the same period a year earlier.
Homes that sold were on the market for a median of 21 days, nearly a week longer than the all-time low of 15 days seen in late June and July, and down from 31 days a year earlier.
47% of homes sold above list price, up from 34% a year earlier, but the smallest share since April.
On average, 5% of homes for sale each week had a price drop, up 1.4 percentage points from the same time in 2020, and the highest level since the four-week period ending October 13, 2019.
The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, decreased to 100.9%, the first time it has been below 101% since April. In other words, the average home sold for 0.9% above its asking price.
Other leading indicators of homebuying activity:

Mortgage purchase applications decreased 2% week over week (seasonally adjusted) during the week ending October 1. For the week ending September 30, 30-year mortgage rates rose to 3.01%, the first time since June rates have been over 3%.
From January 1 to October 3, home tours were up 8%, compared to a 27% increase over the same period last year, according to home tour technology company ShowingTime.
The Redfin Homebuyer Demand Index rose 2 points during the week ending October 3, and was up 11% from a year earlier.

John Igbede

See author's posts

Tags: AmericademandHomebuyerhouse building loanhousing costhousing loansloanmortgagemortgage ratesmortgage spaymentwinter

Related Posts

Lagos State Safety Commission
Industry News

Lagos State Safety Commission conducts safety audit on LASU senate building

10 hours ago
U.S. home sales slide to pre-pandemic levels in April
Industry News

U.S. home sales slide to pre-pandemic levels in April

4 days ago
Two killed, three injured, many trapped in fresh building collapse in Lagos
Industry News

Two killed, three injured, many trapped in fresh building collapse in Lagos

5 days ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Lagos State Safety Commission

Lagos State Safety Commission conducts safety audit on LASU senate building

May 26, 2022
Death toll reaches 10 in building collapse in southwest Iran

Death toll reaches 10 in building collapse in southwest Iran

May 24, 2022
U.S. home sales slide to pre-pandemic levels in April

U.S. home sales slide to pre-pandemic levels in April

May 23, 2022

Recommended

Kingston, Ontario castle hits real estate market

Kingston, Ontario castle hits real estate market

1 month ago
#EndSars: Repair and renovation of properties will take a while—Governor Sanwo-Olu

Real Estate Bill to regulate activities, monitor transactions

3 months ago

Most Popular

American star closes deal on $21 Million coastal California mansion
Industry News

American star closes deal on $21 Million coastal California mansion

3 months ago
When your cars and gold chains can’t save you, Real Estate will
Real Estate Investment

When your cars and gold chains can’t save you, Real Estate will

1 year ago
Lagos State Safety Commission
Industry News

Lagos State Safety Commission conducts safety audit on LASU senate building

10 hours ago
  • Trending
  • Comments
  • Latest
When your cars and gold chains can’t save you, Real Estate will

When your cars and gold chains can’t save you, Real Estate will

February 2, 2021
4 things you shouldn’t do to that lovely bedroom you have

4 things you shouldn’t do to that lovely bedroom you have

May 18, 2021
Edile Construction Limited: Taking building technology to enviable pedestal

Edile Construction Limited: Taking building technology to enviable pedestal

December 31, 2020
How to deal with really noisy neighbors

How to deal with really noisy neighbors

January 28, 2021
NIOB seeks passage of Building Code Bill, independent inspectors

NIOB seeks passage of Building Code Bill, independent inspectors

Opinion: Turning 360 degrees anticlockwise

Opinion: Turning 360 degrees anticlockwise 2

Top ways real estate investors are pushing for sustainable housing

Top ways real estate investors are pushing for sustainable housing

Opinion: Collapsed buildings in Lagos: Who are the losers?

Opinion: Collapsed buildings in Lagos: Who are the losers?

Lagos State Safety Commission

Lagos State Safety Commission conducts safety audit on LASU senate building

May 26, 2022
Death toll reaches 10 in building collapse in southwest Iran

Death toll reaches 10 in building collapse in southwest Iran

May 24, 2022
U.S. home sales slide to pre-pandemic levels in April

U.S. home sales slide to pre-pandemic levels in April

May 23, 2022
Two killed, three injured, many trapped in fresh building collapse in Lagos

Two killed, three injured, many trapped in fresh building collapse in Lagos

May 21, 2022
Homes & Property Guide

Homes & Property Guide online is an innovative and informative web-based medium that plays a key role in the development of the built environment.

Follow Us

Browse by Category

  • Architecture
  • Health Guide (DIY)
  • Home Tips
  • Industry News
  • Interior
  • International
  • Interviews
  • Lifestyle
  • Outdoor
  • Property
  • Real Estate Investment
  • Research
  • Special Focus
  • Video
  • Viewpoints

Recent News

Lagos State Safety Commission

Lagos State Safety Commission conducts safety audit on LASU senate building

May 26, 2022
Death toll reaches 10 in building collapse in southwest Iran

Death toll reaches 10 in building collapse in southwest Iran

May 24, 2022
  • About Us
  • Contact Us
  • Privacy Policy
  • Submit an Article
  • Advertise With Us

© 2021 homes and property guide

No Result
View All Result
  • Home
  • Industry News
  • Property
  • Special Focus
  • Real Estate Investment
  • Research
  • Home Tips
    • Interior
    • Outdoor
    • Lifestyle
    • Architecture
    • Health Guide (DIY)
  • Video
  • Submit an Article
  • Contact Us
  • About Us

© 2021 homes and property guide

Welcome Back!

Sign In with Facebook
Sign In with Google
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Facebook
Sign Up with Google
OR

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Go to mobile version