THIS is Becoming a BIG Problem for the US Housing Market

Housing affordability in the United States is at the lowest levels since at least January 1989 (i.e. at least a 34 year low). This is because home prices and mortgage rates still remain very high. More importantly though, the qualifying income to purchase a median priced home has increased by 106% over the past 3 years compared to only a 7% gain in US median family income over that same time period (July 2020 – July 2023). This is based on my own analysis of the National Association of Realtors data.

Also, to give you a mortgage rate update, average 30 year fixed mortgage rates for borrowers with exceptional credit decreased slightly to 7.22% on Friday 9/8/23. That’s a 1.2 percentage point increase from one year ago. This is according to the Mortgage News Daily. Because mortgage rates have been on the rise since July, home affordability will likely fall to a new record low once August’s numbers are released from NAR.

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Compilation of Housing Market Forecast videos:

Reports I discussed:
https://www.mortgagenewsdaily.com/mortgage-rates

https://www.nar.realtor/research-and-statistics

https://www.nar.realtor/blogs/economists-outlook/instant-reaction-mortgage-rates-september-07-2023

To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 7.2% 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 (inactive 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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#housingmarket #interestrates #mortgagerates