Weekly Market Update June 26 - June 30
We all know appreciation is kicking up but understanding the difference between median home price vs. home appreciation is KEY! Let’s dive into more in this week’s market update. Stay tuned for new and upcoming information from the US Market Movers.
It’s no surprise to us that rates are still in the high sixes and low sevens. Last week we saw that rates had been moving sideways but as of today, that isn’t the case. By viewing the chart below, we can see the candle has dropped. However, this was measured during a 4-day week which can show us some slightly skewed data.
Inflation is the Enemy
Coming tomorrow (June 30th, 2023), we will see the big market mover update with the PCE – aka the Fed’s favorite measure of inflation. To be continued!
Home Price Appreciation Confusion
There have been recent headlines mentioning median home prices going down. But don’t get this confused for appreciation!
Because there are less homes being sold today, the median (middle number) home price has gone down but values went up. Due to the lack of home sales, the median home price has gone down 13%. To our beloved builders – keep building! We’ve identified the lack of available homes for sale, how that is affecting the industry, and what the future will hold.
Watch our video to go more in-depth on this week’s mortgage rate update and learn a couple of fun facts. As always, please feel free to reach out to Mortgage Mark Pfeiffer and the team to get started on your home buying journey.
Mark Pfeiffer is a Mortgage Loan Originator with CMG Home Loans and a veteran of the mortgage industry since 2003. Mark is responsible for ensuring all loans originated by the Mortgage Mark Team offer competitive terms and close on-time.