Real Estate News 07/22/2024

Today’s News Synopsis:

Swing-state housing payments have nearly doubled since the 2020 election, as home prices and mortgage rates have soared.

In The News:

Redfin– “In Swing States, Typical Homebuyer’s Monthly Payment Has Nearly Doubled Since The Last Presidential Election“ (07-16-24)

“To look at affordability another way, the typical swing-state home has gone from affordable to unaffordable for the typical family since the 2020 election. The typical family would spend 33% of their earnings to afford the median-priced home in a swing state; back in 2020, they would have spent 22% of their earnings.”

Yahoo Finance –  “Mortgage rates fall to lowest level since mid-March“ (07-19-2024)

“The average rate on the 30-year, fixed-rate mortgage fell to 6.77% from 6.89% a week prior, marking its lowest level since mid-March, Freddie Mac reported on Thursday. A year ago, the average rate on a 30-year, fixed-rate loan was 6.78%, according to Freddie Mac. ”

OC Register –  “Buyers and sellers: Are you ready for the new house-hunting rules?” (07-20-24)

“A landmark settlement governing how homes are bought and sold in the U.S. is scheduled to take effect Aug. 17”

Zillow – “Price Cuts Abound as Home Sellers See Inventory Piling Up (June 2024 Market Report)” (07-16-2023)

“Home listings are piling up as buyers step back from peak home shopping season faster than normal. As competition cools, sellers are stepping up price cuts to try and entice buyers struggling with affordability. ”