Housing Market Research Brief
Prices Climb for Both For-Sale and For-Rent Housing
Home prices up, despite a slowdown in buying. The nation’s median home price reached $382,200 in February, topping the year-earlier figure by 15.4 percent. Adding to the financial challenges for would-be buyers, the average rate for a 30-year mortgage breached 4 percent in March, hitting that level for the first time since 2019. The rising mortgage rate followed the Fed’s first interest rate hike in over four years. With purchase expense rising at the same time that available product inventory has dropped for seven straight months, the number of existing homes sold trended downward again in February, dropping for a fifth consecutive month. The gap between mortgage and rent payments in most metros is helping support apartment demand.