The US housing market isn’t looking good… Mortgage rates increased again on 8/22/23 to a new 20+ year high (the highest since December 2000). For someone looking to buy a median priced home compared to two years ago, it will cost them about $1,257 more per month in principal and interest payments, which represents a whopping 87% year-over-year increase. Unsustainable.
In today’s housing market update, I share how this is impacting current homebuyers. I also share how based on my own analysis of the National Association of Realtors (NAR) data, housing affordability is the lowest on record (data going back to 1989).
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To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 7.5% 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) [email protected]
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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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