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The American Dream: there are few people in this nation that don’t know this long-standing tradition. For several decades, those from this country and even others have been longing to achieve the American dream. To buy a home and start a life in one of the greatest nations on the planet, where the streets were thought to be paved with gold, is quite the feat.
Now, people are still working hard every day in order to be able to purchase their one piece of America. The housing market doesn’t always make that easy, though, as it is incredibly unpredictable. Throughout the country, even throughout one single state, the prices and rate of the market shift dramatically from day to day. This year is no different. Hang on to your hats, because it’s going to be a crazy ride.
So far, it seems that prices for U.S. homes are steadily rising, but the inventory on the market is declining at an even faster rate. People are grabbing at straws to get their chance to buy a house. The borrowing methods utilized by home buyers in 2023 is also changing, depending on the background of the buyer.
Economists are forecasting even more growth over the next 12 months. Check out the text below and stay up to date on the housing market.
According to Zillow, There will be 4.78 million existing-home sales in 2023, down 6.8% from 5.13 million in 2022. High mortgage rates and significant affordability issues are expected to produce even lower sales in 2023 when they are expected to total 4.4 million, a 13% fall from the forecast full-year 2022 total.
Tight inventory continues to be a problem, with first-time homebuyers most affected. The supply of new single homes decreased by 0.8% from last month, and decreased by 12% from the same time last year.
Housing inventory is currently at a 2.4-month supply, down 12% from the same time last year. That’s much lower than the 5- to 6-months’ supply for a balanced market.
Mortgage applications in the United States increased 1.2% in the first week of January 2023, following a 10.3% drop in the last week of 2022, the largest drop in three months.
The median existing-home sales price reached $357,319, a $35,700 increase over the previous year.
The current 30-year fixed-rate mortgage rate dropped to 5.83 % in January 2023 and Mortgage rates are likely to fall even further in 2023, housing economists predict.
Real estate research firm Zillow predicts that annual median home prices are expected to increase by just 0.3%, following a 9.6% gain in 2022.
If you have questions about mortgages or are ready to apply for one, we’re ready to help. Sammamish Mortgage is a mortgage firm local to Bellevue, Washington, serving all of Washington, Oregon, Idaho, and Colorado since 1992. Our experts will walk you through our mortgage programs to see which one is best for you. Contact us today with questions you have about mortgages.
Whether you’re buying a home or ready to refinance, our professionals can help.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.