Today’s News Synopsis:
U.S. homebuyers need to earn an annual income of $115,454 to afford the median priced home ($433,101). That’s down 1.4% year over year—the first annual decline since June 2020, when mortgage rates set a new record low.
In The News:
Redfin – “Buying a Home Just Got More Affordable for the First Time Since 2020“ (09-24-2023)
“Buyers need to earn $115,000 to afford the typical U.S. home, down 1% year over year. That’s the first annual decline since 2020, thanks to falling mortgage rates, which just posted the first annual drop in three years.”
CNBC – “Mortgage rates dip, giving U.S. homebuyers over $200,000 in additional spending power in some U.S. cities“ (09-24-24)
“With 30-year fixed mortgage rates declining from 7.79% in October 2023 to 6.2% last week, home buyers in the 100 largest U.S. cities have gained a median of $70,000 in additional buying power for the same $2,100 monthly payment, according to a Realtor.com analysis.”
Bloomberg – Â “US Consumer Confidence Falls Most in Three Years on Labor Views” (09-24-2024)
“US consumer confidence unexpectedly fell in September by the most in three years on concerns about the labor market and the outlook for the broader economy.”
Freddie Mac –  “U.S. Economic, Housing and Mortgage Market Outlook – September 2024 | Spotlight: Natural Disaster Threat” (09-23-24)
“For renters, the threat of natural disasters is likely to affect location choices; whereas homeowners are more likely to invest in improving homes to reduce risk”
Yahoo Finance – Â “Existing home sales fall in August despite lower mortgage rates” (09-20-24)
“Sales of existing homes fell in August as house hunters remained on the sidelines despite mortgage rates hitting their lowest level in over a year.”
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