Median U.S. Home Listing Price Exceeds $400,000 for the First Time
The U.S. median listing price reached a record high of $405,000 in March, according to a Realtor.com report on Thursday.
March 31, 2022 2 MIN
The U.S. median listing price reached a record high of $405,000 in March, according to a Realtor.com report on Thursday.
Home-loan rates for so-called conforming mortgages eligible to be purchased by Fannie Mae and Freddie Mac increased to the highest level since the beginning of 2019.
Home prices continued to skyrocket, depite a gain in mortgage rates, as the inventory of homes for sale dropped to the lowest ever recorded.
The three largest credit reporting companies in the U.S. announced last week they will remove about 70% of medical collection debt from consumer records.
Mortgage rates at a three-year high are impacting home sales, making it tough for buyers to stretch to pay record-high property prices, NAR's chief economist said.
The surge in lending for mortgages backed by the Department of Veterans Affairs came after rates dropped to a record low in the closing days of 2020.
Rates are surging after the Fed ended a pandemic-era bond-buying program and said it would discuss at its May meeting a reduction of its balance sheet.
Mortgage rates have risen to a three-year high, making it tougher for borrowers to stretch to pay soaring prices for new houses.
With factories in several provinces in China shuttered by a growing number of Omicron infections, shortages of building materials in the U.S. could get worse.
Buyers are balking at the "double whammy" of rising mortgage rates and higher prices, said NAR's Lawrence Yun.
