A seller's market? A seller's market? http://www.federatedinvestors.com/static/images/fhi/fed-hermes-logo-amp.png http://www.federatedinvestors.com/daf\images\insights\article\neighborhood-real-estate-small.jpg April 6 2022 April 6 2022

A seller's market?

High demand and low supply creates a fierce housing market.

Published April 6 2022
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A seller’s market alt text Title: A seller’s market? Published: April 6, 2022 A seller’s market? High demand and low supply creates a fierce housing market. There was a 8.5% increase in existing homes sales and a 16.5% decrease in existing home inventory from January 2021 to January 2022. Housing statistics. From January 2021 to January 2022 there was a 19.1% increase in national home prices and from January 2022 to January 2023 there will be a 3.8% predicted increase in national home prices. There was an 8.6% increase in home purchase and refinance applications and a 4.09% average fixed 30-year mortgage rate. Median existing home prices by region increased from January 2021 to January 2022. In the West, median home prices were 505, 800 dollars, an 8.8% increase. In the South, median home prices were 312, 400 dollars, an 18.7% increase. There was a 7.8% increase in the Midwest with median home prices at 245, 900 dollars. There was a 6.0% increase in the Northeast with median home prices at 382, 800 dollars. Cities with largest price percentage increases from January 2021 to January 2022 include Miami with an 18.7% increase, Denver with a 19.0% increase, San Diego with a 23.3% increase, Las Vegas with a 25.2% increase and Phoenix with a 30.2% increase. After pandemic moratoriums, foreclosure activity started to rise. There was a 139% increase in foreclosure filings and a 235% increase in completed foreclosures from January 2021 to January 2022. Information Sources: CoreLogic, February 2022; CoreLogic, March 2022; National Association of Realtors, February 2022; The Business Journals, February 2022; Trading Economics, March 2022.