Washington DC home inventory went up. Home prices went up. Volume went down.
CPI went down. PPI went up. Mortgage rates went down.
Confusing?
Mortgage News Daily published an article yesterday explaining some of this seemingly contradictory data:
"Did you know: the normalization of house price appreciation in today’s market is the result of ‘higher-for-longer’ mortgage rates reducing affordability and slowing demand, but it’s also driven by the increase in the number of homes for sale? It’s true! In case you missed it, First American Data & Analytics recently released its May Home Price Index (HPI) report where you can receive the most current insights into home price changes at the national, state, and metropolitan CBSA levels. In this report, First American Chief Economist Mark Fleming says, “The longer we go with higher rates, the less the rate lock-in effect constrains sellers because moving decisions continue to happen regardless of mortgage rates due to the ‘Five D’s’ of life events: diapers, diplomas, divorce, downsizing, and death.” https://lnkd.in/ekdbbP4T
Willing the Fed to cut the benchmark rate at least half a point in September.
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