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Home Prices Are Up Furthering A Single Family Home Affordability Issue

United States Of America – Home prices in America saw a nearly 20% year over year boost again according to a recent U.S. Census data release. The data is pushing single family sales and their prices further out of reach of lower income home buyers who cant afford the national average home price. The North East has been carrying the country in Multi-family units but lacks affordable single family homes while Southern and Mid-Western regions have been pushing more single family homes out of reach but carrying new single family home construction.

Higher interest rates are also adding to the disparity as the Mortgage Bankers Association Of America released data this morning stating the average 30 year fixed-rate mortgage increased to 5.37% week ending April 22, 2022 – the highest since 2009 – and up from 5.2% the previous week. The MBA also saw a decline of 8.3% in mortgage applications the week ending April 22, 2022. This marks the 7th consecutive week of decline.

 

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FACTS

  • New Home Sales Drop 8.6%
  • Median New Home Sale Price In March 2022 Was $436,700.00 And An Average Sale Price Of $523,900.00
  • Median New Home Sale Price In March 2021 Was $359,600.00 And An Average Sale Price Of $414,700.00
  • 30 year fixed-rate mortgage increased to 5.37% week ending April 22, 2022
  • Decline of 8.3% in mortgage applications the week ending April 22, 2022

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