Will a hot home market continue?
According to the latest data from Altos Research, home sales are growing, but will the momentum continue?
Based on the recent data, it seems likely, but there was a slowdown as mortgage rates rose slightly and half the country was plunged into a cold snap.
Home sales are up about 5% comparing the current market to the same time last year. Also, active inventory is up 8% compared to the same time last year. Not only are more homes on the market, but more homes are also getting sold.
When it comes to home prices, they’re up when compared to the same time last year, and that’s expected to continue this year. The national median home price is up about 1% week-over-week, and about 6.8% higher from last year.
Where are mortgage rates ahead of the Fed meeting?
The national average for a 30-year, fixed-rate mortgage dipped 0.02% to 6.88%*. The bond market started the day a little stronger than expected after Asia and Europe posted gains over night. The market cooled after a warm start and ended down slightly for the day.
The market isn’t expecting any big moves until the Federal Reserve makes its announcement on Wednesday. Until then, the market is likely to stay in the range it’s been trading in.
Where are the most & least expensive zip codes in the U.S.?
A new report from the home warranty company American Home Shield detailed the most and least expensive zip codes for housing in the country.
The most expensive neighborhoods? They’re almost all located in California, Florida, and New York. San Francisco’s South of Market took the top spot on the list. The median household income is $104,440, and buying a property there will cost about $5,415 per square foot. That works out to $5.4 million for a 1,000 square-foot condo.
The least expensive neighborhood is Homewood, PA. A 1,000 sq. ft. home would only cost about $29,000. However, as of 2020, the population of Homewood is only 104 people.
* National average rates accurate as of 1/29/24 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.
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