Is homebuyer demand dropping? Housing inventory has increased for FOUR consecutive months! In today’s housing market update, I discuss the latest real estate market news. I also share the latest update regarding mortgage loan forbearance, mortgage application changes and mortgage interest rates.
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According to the National Association of Realtors, after four straight months of declines, sales of previously owned homes (i.e. existing homes) rose 1.4% in June month to month and 22.9% from one year ago. The median home price in June reached yet another record high of $363,300, up 23.4% from June 2020. That’s the 4th consecutive month where home price records were broken.
The Mortgage Banker’s Association (MBA) reported a couple of days ago that mortgage applications for home purchases decreased 6% from a week ago to their lowest levels since May 2020. Stay tuned on the channel because if this continues to drop, then homebuyer demand could be dropping as well.
To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage decreased to 2.87% for the current mortgage rates. 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
Realty ONE Group Complete (DRE 01923240)
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Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video – it is for entertainment purposes only.
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