The US housing market continues to slow down. In today’s housing market update, I share the latest details about home prices, housing inventory as well as the latest news for mortgage loan forbearance and mortgage interest rates.
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Realtor.com announced in their most recent report that the growth of the median listing price [i.e. the seller’s asking price] has started to slow. Listing prices grew by 8.6 percent from last year. That marks five straight weeks of single-digit price growth after a 50-week streak of double-digit price growth. However, despite the slower growth rate, the median list price remains near its record-high level.
More houses listed for sale in order to cool off this market further. Realtor.com stated that more home sellers listed their houses for sale in 20 of the last 23 weeks. In addition, we’re moving closer in the direction of what we saw in 2019, which was a more normal RE market (unlike 2020). But housing inventory (i.e. the number of homes currently listed for sale) is still down 24% from a year ago but that’s better than the ~50% yr-over-yr drop seen earlier this year.
Due to low inventory and low rates, houses are still selling quickly (about 15 days faster than a year ago).
To give you a mortgage loan forbearance update, data analytics firm, Black Knight reported a few days ago that the number of homeowners in forbearance dropped to 1.7M people, which represents 3.2% of US mortgage loans. That is down from the almost 5M loans in forbearance back in May of last year.
To give you a mortgage interest rate update, Freddie Mac announced last week that the average 30yr fixed rate mortgage was 2.87% for the current mortgage rates. This is unchanged from last week and is on par with mortgage interest rates from a year ago. This is mixed news if you’re a homebuyer right now or if you’re a homeowner looking to refinance.
Comment below: what’s your housing market 2021 forecast and housing market forecast 2021? Do you think a housing crash 2021 will happen and there will be a housing crash due to a housing bubble, a 2021 housing market crash 2021 or are your housing market predictions that the real estate market 2021 and home prices 2021 will continue to surge?
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Jason Walter, CPA (lic 103885)
Sacramento Realtor/Sacramento real estate agent and native
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