What does the current housing market data say?
The latest weekly housing market report from Altos Research is out, and they have a prediction for the second half of 2024.
According to the most recent data, the current market has 646,000 unsold homes across the country. That’s up 39% from the same time last year, and up 1.8% for the week. The latest prediction from Altos Research is that home inventory will peak into October instead of peaking around August or September.
The median price of home sales that started this past week was $395,000. That’s down from the peak of over $400,000 in May 2024. The team at Altos Research is predicting that the peak is behind us, and we should see a cooling off into the Fall and Winter. How steep of a cool off? It may be steeper than previous years because there are more options available on the market, but a drop in mortgage rates could cause that to change.
When it comes to price cuts, 37.6% of the homes on the market have taken a price cut from their listing price, and that rate appears to be rising. A healthy market is about 35%, so we’re not in a danger zone for prices. However, we may outpace the 2022 market that saw a percentage of homes with price cuts well over 40%.
Are we at the start of a refi boom?
If recent data is to be believed, we could see a lot more homeowners looking to refinance their mortgage in the next year. The Intercontinental Exchange, a global provider of technology and data, stated that 1.7 million homeowners have bought homes with adjustable-rate mortgages since 2019. Most bought five-year ARMs that could graduate into higher payments this year.
The fixed period for these ARMs have already reset for 328,000 homeowners, and 102,000 will reset over the next 12 months.
If you’re in an ARM and are looking to refinance, learn more about the available options from Rate, and apply for mortgage refinance today!
Where is the most livable city in the U.S.?
What makes a city the most livable in the country? According to the Economic Intelligent Unit Limited, it’s stability, healthcare, culture and environment, education, and infrastructure. Vienna, Austria took home the top rank for the most livable city in the world for the third straight year with a near perfect score. What if we applied the same criteria to the U.S.? Which city would come out on top?
Realtor.com did exactly that, and the most livable city in the U.S.? Honolulu, HI came out as the most livable city in the country for the second year in a row. The Big Pineapple was lauded for its access to parks and natural beauty, vibrant culture, stability and access to healthcare.
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