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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 still relatively tight. People are grasping at straws to get their chance to buy a house. The borrowing methods utilized by home buyers in 2025 is also changing, depending on the background of the buyer.
Economists are forecasting growth in home prices over the next 12 months. Check out the text below and stay up to date on the housing market.
Home sales were up 5.1% year-over-year, according to RedFin, largely as a result of high mortgage rates.
But according to Zillow, more homeowners will finally get off the fence and list their homes for sale as mortgage rates finally start to level off and even dip. The Mortgage Bankers Association (MBA) predicts that rates will dip throughout the year and into the next, encouraging homeowners to put their homes up for sale, which will hopefully increase the number of listings and home sales in 2025.
Tight inventory continues to be a problem, with first-time homebuyers most affected. The supply of new single homes increased 11.7% from the same time last year. But it’s still not enough to meet demand.
Housing inventory is currently at a 3.8-month supply, up from a 3.5-month supply 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 decreased 30% in the first week of January 2024 from the same time last year.
The median existing-home sales price reached $357,469, a 2.5% increase over the previous year.
The current 30-year fixed-rate mortgage rate currently sits at 6.85% in January 2025 and rates are likely to dip throughout 2025, housing economists predict.
Home price increases are expected to be marginal throughout 2025, which is good news for homebuyers.
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, California, 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.