Homebuyers have seen home prices rise over the past few years. Rick Sharga, ATTOM’s Executive Vice President of Market Intelligence, said: (See the best mortgage rates you can get here.)
surely, we Some large counties are seeing double-digit price declines, according to an affordability report published by real estate data firm ATTOM. Counties with a population of 1 million or more with the largest median decline from Q2 to Q3 of 2022 are:
Alameda County (Oakland, Calif.) is down 11%.
Travis County (Austin, Texas) is down 9%.
Santa Clara County (San Jose, Calif.) was down 8%.
Contra Costa County (outskirts of Oakland) fell 7%.When
Fairfax County, Virginia (outside Washington DC) is down 7%.
Other data also point to a softening housing market. John Burns Real Estate Consulting Uses Fortune Data report Of the 148 major regional housing markets analyzed, 98 saw home prices fall from their 2022 peaks. “Even if supply levels aren’t rising, house prices will fall.” .
In general, housing isn’t affordable for most people, even though prices are dropping in some counties. Data from ATTOM reveals that the average price of single-family homes and condos in the third quarter of 2022 is no more affordable than the historical average in 99% of his counties nationwide. Rick Sharga, ATTOM’s Executive Vice President of Market Intelligence, said:
Of course, there is also the issue of mortgage interest rates. Interest rates reach highest level since 2007, MarketWatch Picks Asked Five economists and real estate experts explain what happens next. Realtor.com chief his economist Daniel Hale said: (Click here for minimum mortgage interest rates.)
The bottom line is that even though prices may be falling, homebuyers shouldn’t hold their breath for a big break. Sharga said: Many prospective homebuyers can’t afford the home they’ve always wanted to buy and are often ineligible for the mortgage they need. ”
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