Weekly Market Update August 28 – September 1

There is BIG news coming your way. Rates are finally starting to come down into the low 7’s! During the last week and a half, we’ve been seeing these improvements. The Fed is trying to fight inflation!

In my opinion, rates should be in the low 6’s. Watch our video for more on that! As inflation comes down, then hopefully rates can start to act “normal” again.

Existing Home Sales

Home sales are down 16% year-over-year for existing homes with total inventory still down 4.8% year-over-year. For new homes, we’re seeing that the unit sizes are decreasing in size by 10% nationally to 2,420 square feet to keep homes more affordable. Which speaking of, we’re seeing an all-time high for home ownership rate in America.

 

 

home ownership rates

We can understand that homes aren’t affordable right now. But if 2 out of 3 Americans own a home and housing becomes this expensive, it means Americans are making more and more money from an equity standpoint. 

Stay tuned for more market updates as we get ready for what comes next week!

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