Housing news

Here are some recent housing news updates:

Market Trends

• The US housing market is experiencing a slowdown, with existing home sales declining 1.3% in January to a seasonally adjusted annual rate of 5.46 million, according to the National Association of Realtors (NAR).
• The median existing-home price rose 3.8% year-over-year to $274,500, marking the 94th consecutive month of year-over-year price gains.
• The housing market is expected to continue slowing down in 2023, with some experts predicting a 10% decline in home prices.

Interest Rates

• The Federal Reserve raised interest rates by 0.25% in February, marking the sixth rate hike since March 2022. This is expected to slow down the housing market further.
• The average 30-year fixed mortgage rate has risen to 4.16%, according to Freddie Mac, making it more expensive for homebuyers to borrow money.

Affordability

• The National Association of Home Builders (NAHB) reported that the national average price of a single-family home rose 12.4% year-over-year to $343,000 in the fourth quarter of 2022.
• The NAHB/Wells Fargo Housing Opportunity Index (HOI) found that only 55.4% of new and existing homes sold in the fourth quarter of 2022 were affordable to families earning the median income.

New Construction

• The US Census Bureau reported that new single-family home construction fell 12.6% year-over-year in January to a seasonally adjusted annual rate of 1.34 million.
• The National Association of Home Builders (NAHB) reported that the NAHB/Wells Fargo Housing Market Index (HMI) fell 2 points in February to 72, indicating a slowdown in the housing market.

Government Policies

• The Biden administration has proposed a new housing plan aimed at increasing the supply of affordable housing, including measures to encourage the development of affordable housing and to protect renters from eviction.
• The Federal Housing Administration (FHA) has announced plans to increase its mortgage insurance premiums to help reduce the risk of defaults and to increase the availability of credit for low-income borrowers.

Regional Updates

• The West Coast, particularly California and Washington, is experiencing a housing market slowdown due to high prices and interest rates.
• The South, particularly Florida and Texas, is experiencing a housing market boom due to low prices and a growing population.
• The Northeast, particularly New York and Massachusetts, is experiencing a housing market slowdown due to high prices and interest rates.

These are just a few of the recent housing news updates. If you're looking for more information or have specific questions, feel free to ask!