Which cities have seen luxury prices increase the least?
Luxury home prices have continued to outpace the national average in terms of growth. The median listing price has increased about 35% since April 2020, but the top 5% of the most expensive listings have seen an increase of about 49% over the same time period.
This means that a home that was priced at $1.5 million in April 2020, would be closer to $2.2 million in April 2024, but the median home price has only increased from about $320,000 to $430,000.
However, there are a few housing markets that have seen the top 5% of homes grow at a slower pace. The team at Realtor.com has put together the top 10 luxury markets that have grown the least over the past five years.
Topping the list? Washington D.C. The most expensive 5% of listings in April 2020 averaged $2,995,900, but the top 5% of listings in April 2024 was actually down 1% to $2,972,500. The nation’s capital had 115 homes listed at or above the top 5% average last month.
Where are mortgage rates ahead of the PCE data release?
The national average rate for a 30-year, fixed-rate mortgage ended Thursday down 0.05% to 7.29*. There was a clear reaction to the morning’s quarterly PCE price index revision. A tiny 0.1% update lower helped mortgage rates slide 0.05% nationally.
The new version of PCE inflation data for April 2024 will be released this morning and will likely give the market direction. The next major data point that may impact the mortgage market is next week’s consumer spending and jobs reports.
Which generation has the lowest mortgage rates?
According to a recent article from U.S. News & World Report, millennials and Gen-Xers have the lowest mortgage rate among the different age brackets. Both are tied at about 4% each. The lower average for millennial and Gen-X homebuyers is due to a large amount of folks on those age brackets buying homes in 2020 and 2021 when we had historically low mortgage rates.
Millennials also have the highest average loan amount and the highest remaining balance on their homes. They’re also more likely than Gen-Xers or baby boomers to transition to new homes.
* National average rates accurate as of 5/30/24 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.
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