Affordability declined in February compared to January as the median family income rose by 3.5% while the monthly mortgage payment increased 5%.
Here are the latest indicators on inventory, pending sales, home prices, job growth, and mortgage rates that are pointing to a hot spring market in a broad swath of metro areas.
Freddie Mac reported today that the average rate on the 30-year fixed rate home loan fell to 3.13% from 3.18% the previous week.
Significant job declines, health and safety issues, and government-mandated store closures created a whirlwind year for retail in 2020.
Construction jobs boomed in March with 110,000 new additions, one of the largest monthly gains ever. This raises the prospect for more home building and more inventory reaching the market in the upcoming months.
The United States remains the top commercial estate market globally, with 16 metros in the top 30 largest commercial real estate markets on a global scale.
The average rate on the 30-year fixed-rate home loan ticked up to 3.18% from 3.17% last week, following the upward trend of the 10-year Treasury yield.
Millennial buyers (22 to 40 years old) continue to make up the largest share of home buyers at 37%. They've been the largest buyer group since 2014.
The February 2021 NAR SentriLock SentriKey® Home Showings Report shows an increase in nationwide foot traffic on a month-over-month basis.
In February 2021, properties were typically on the market for 20 days, and first-time buyers accounted for 31% of sales.
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