The Housing Market is About to Drop as Rates Surpass 7%

Average mortgage interest rates just skyrocketed to nearly a SEVEN month high and homebuyers are pulling the plug. Contracts to buy existing houses in the U.S. fell 20.3% YOY in April 2023. That’s far worse than the 1.5% average YOY April INCREASE going back to 2010 (excluding April ‘20 and April ‘21 due to COVID lockdown impacts). This is based on a new report and data that was released on 5/25/23 from the National Association of Realtors for their Pending Home Sale Index (PHSI). Also, pending home sales have fallen 14 in the last 18 weeks. This will likely look worse in May given the surge in average mortgage rates.

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Compilation of Housing Market Forecast videos:

Report I covered in today’s video:
https://www.nar.realtor/newsroom/pending-home-sales-recorded-no-change-in-april

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)
jason@meetjasonwalter.com

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Disclaimer:
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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#realestate #Realtor #housingmarket