❗Applications for home loans increased by 3%, but refinance activity remains low due to higher rates.
🏡Real estate showings and Google searches for homes for sale are relatively flat.
📉Rates have decreased to a 3-month low, but further decreases are needed to motivate homeowners and homebuyers.
💰Housing affordability is at an all-time low, with the lowest levels since the 1980s.
📊The Midwest is experiencing the biggest increase in home prices compared to one year ago.
What are the leading indicators of home buying demand?
—The leading indicators of home buying demand include applications for home loans, real estate showings, and Google searches for homes for sale.
Why are refinance activity levels low?
—Refinance activity levels are low due to higher mortgage rates compared to previous years. Many homeowners locked in lower rates in 2020 and 2021.
What is the current state of housing affordability?
—Housing affordability is at an all-time low, with the lowest levels since the 1980s. The average home price compared to median family income is nearly 6 times higher.
Which region in the United States has seen the biggest increase in home prices?
—The Midwest has experienced the biggest increase in home prices compared to one year ago.
How have mortgage rates changed?
—Mortgage rates have decreased to a 3-month low, but further decreases are needed to incentivize homeowners to sell and attract homebuyers.
00:00Introduction and overview of the video's content.
01:24Applications for home loans increased by 3%, but refinance activity remains low due to higher rates.
03:15Real estate showings and Google searches for homes for sale are relatively flat.
05:14Rates have decreased to a 3-month low, but further decreases are needed to motivate homeowners and homebuyers.
07:02Housing affordability is at an all-time low, with the lowest levels since the 1980s.
09:08The Midwest is experiencing the biggest increase in home prices compared to one year ago.
