NAR Releases 2023 Profile of Home Buyers and Sellers

In the face of high interest rates and rising home prices, the typical buyer’s income rose 22% to $107K. 1 out of 3 (32%) was a first-time buyer, and 89% used an RE agent.

Everything's Relative, And Rates Had a Relatively Good Week

While it's possible to accuse mortgage rates of experiencing volatility over the past few days, this week was exceptionally calm compared to last week.  So "everything's relative," and relatively speaking, that's a win. Here's a snapshot of the action as told by 10yr Treasury yields, which tend

NAR: Higher Home Prices in 82% of U.S. Metros

11% of metros saw double-digit price increases in 3Q, even though buyers faced a one-year mortgage payment increase of 19.2%. In 2Q, prices rose in only 58% of metros.

Home Affordability Hits Lowest Point in 10 Years

The National Association of Home Builders’ 3Q affordability study found that just 37.4% of Americans can afford a median-priced home in their metro area.