Single-family median sales prices are up 3.9% over March 2023 and new listings increased 7.7%. The condo-townhouse median prices increased 3.1%.
Making a big purchase, like a home, requires financial knowhow that’s not often taught in school. Learning the basics can help avoid poor decisions.
The average rate on a 30-year mortgage rose to 7.1%, the highest level since late November. The average rate for 15-year fixed-rate mortgages rose to 6.39%.
With mortgage rates hovering in the 6% to 7% range, many new buyers are looking for creative ways to save money. Temporary buydowns may be the answer.
If inflation continues, long-anticipated interest rate cuts may not happen this year, the Federal Reserve chair said. Interest rates influence mortgage rates.
Researchers said rent prices nationwide are becoming more balanced. In some areas of Florida, rental costs have declined slightly.
One economist said gas prices likely contributed to the decline. Most expect consumer spending to remain healthy as long as the job market holds steady.
