April 2023 DPR Realty
Source: KCM Analysis, Mortgage News Daily
Mortgage News Daily Rate: 30-Year Fixed Rate in 2023 5.5 6 6.5 7 7.5 1/3 2/1 3/1 4/4 Buyer Demand Weak Limited Good Strong
Demand Based on Rate Environment
Turbulence in the financial markets is putting significant downward pressure on rates, which should benefit borrowers in the short-term.
- Sam Khater, Chief Economist, Freddie Mac
What’s Happening with Home Prices?
Neuroscientists have found that people spend about 90% of their lives using what’s called “narrative circuitry” rather than direct experience.
In other words, we spend 90% of our lives telling ourselves what is happening.
Home Price Appreciation
Source: S&P Case-Shiller, 3/28/2023
Metro % Change Metro % Change Atlanta 8.4% Miami 13.8% Boston 4.2% Minneapolis 1.7% Charlotte 8.1% New York 5.2% Chicago 4.8% Phoenix 0.0% Cleveland 4.8% Portland -0.5% Dallas 5.0% San Diego -1.4% Denver 1.0% San Francisco -7.6% Detroit 3.2% Seattle -5.1% Las Vegas 0.4% Tampa 10.5% Los Angeles 0.9% Washington, D.C. 2.4% U.S. National: 3.8%
January 2023 Year-Over-Year Appreciation in Top 20 Cities
Declines in the West are due to the tech industry slowdown and a severe lack of affordability after decades of undersupply.
- Selma Hepp, Chief Economist, CoreLogic
Year-Over-Year Price Appreciation
January by Region
National Rate of Appreciation: 5.3%
Source: FHFA, 3/28/2023
0.0% 1.4% 5.3% 5.9% 5.5% 7% 7.1% 6.0% 9.6% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% Pacific Mountain West North Central West South Central East North Central East South Central New England Middle Atlantic South Atlantic
Home Price Movement
Source: S&P Case-Shiller,
11/29/2022
January 2023 Month-Over-Month % Appreciation in Top 20 Cities Metro % Change Metro % Change Atlanta 0.0% Miami 0.1% Boston 0.3% Minneapolis -0.2% Charlotte 0.2% New York -0.2% Chicago 0.0% Phoenix -0.8% Cleveland 0.1% Portland -0.6% Dallas -0.6% San Diego -0.6% Denver -1.0% San Francisco -0.8% Detroit -0.1% Seattle -1.5% Las Vegas -1.1% Tampa -0.3% Los Angeles -0.3% Washington, D.C. -0.3% U.S. National: -0.2%
Month-Over-Month Price Change
January 2023 by Region
-0.6% -0.3% 0.2% 0.0% 0.2% -0.5% 2.0% 0.5% 0.8% West North Central West South Central East North Central New England Middle Atlantic South Atlantic Source: FHFA, 3/28/2023
National Rate of Appreciation: 0.2% Mountain Pacific East South Central
Have Home Value Declines Stabilized?
M-O-M % Change in Home Values (Seasonally Adjusted)
Source: Case-Shiller,
FHFA
1.6 1.9 2 1.6 1.3 0.4 -0.3 -0.9 -0.8 -0.2 -0.3 -0.3 -0.2 Jan 22 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1.6 1.9 1.5 1.6 1.2 0.1 -0.6 -0.7 0.1 0 -0.1 -0.3 0.2 Jan 22 Feb Mar Apr May Jun Sept Oct Jan 23 Jul Aug Nov Dec Case-Shiller FHFA Jan 23
All in, home prices nationally are now down 2.6% from their 2022 peak.
- Black Knight, February Monthly Mortgage Monitor
Moody’s Analytics repeat sales
HPI are down 2% from their peak last July.
- Mark Zandi, Chief Economist, Moody’s Analytics
Freddie Mac reported that its “National” Home Price Index . . . is down 2.5% from its June 2022 peak.
- Bill McBride, Founder, Calculated Risk Blog
How Much Have Prices Fallen from Peak?
The Drop in Home Values Since the June Peak (Through February 2023)
-2%
-2.5%
-2.6%
Source:, Moody’s Analytics, Freddie Mac, Black Knight
Moody's
Freddie Mac
Black Knight
Will We See Affordability Improve This Year?
Each downward tick in mortgage rates is met with increased buyer demand, as many eager home shoppers take advantage of the slightly lower cost of financing a home.
- Hannah Jones, Economic Data Analyst, Realtor.com
Home Ownership Affordability YOY Decline
Source: Atlanta Fed
1.6% 0.5% -1.8% -4.8% -7.3% -9.9% -9.4% -9.7% -9.9%-10.3%-10.0%-10.2% -13.6% -15.2% -20.6% -23.8% -24.0% -27.3% -24.7%-25.0% -28.8% -28.3% -24.8% -23.0% -16.2% -35% -30% -25% -20% -15% -10% -5% 0% 5% Jan 21 Apr Jul Oct Jan 22 Apr Jul Oct Jan 23
Affordability at Historic Levels
Housing Affordability Index, 1990 to Today
Years when distressed properties dominated the market
Source: NAR
108 110 122 131 128 125 126 127 133 131 122 128 126 131 124 113 108 115 138 169 172 186 197 176 164 166 167 158 160 169.9 148.2 103.8104.9 90 110 130 150 170 190 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Jan-23
Affordability Historically Low
Housing Affordability Index
“To interpret the indices, a value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home. An index above 100 signifies that family earning the median income has more than enough income to qualify for a mortgage loan on a medianpriced home, assuming a 20 percent down payment.”
Source: NAR
137.3 129.4 118.8 104.1 98.3 94.5 99.6 103.8 97 91.3 94.3 101.4 104.9 50 60 70 80 90 100 110 120 130 140 Jan-22 Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan-23
Monthly Mortgage Payments
January 2021 – January 2023
Source: NAR
$1,011 $1,044 $1,138 $1,184 $1,205 $1,253 $1,224 $1,224 $1,212 $1,242 $1,250 $1,256 $1,297 $1,384 $1,515 $1,735 $1,847 $1,933 $1,839 $1,770 $1,905 $2,043 $1,993 $1,869 $1,807 Jan 2021 Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan 2022 Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan 2023
Median Household Income vs. Qualifying Income
Source: NAR
$90,944 $103,153 $89,382 $83,388 $99,366 $86,736 $92,448 $60,672 $80,976 $127,968
Median Income in 1st Column Qualifying Income in 2nd Column
U.S. Northeast Midwest South West
Mortgage Payment-to-Income Ratio (2000-2023)
Assumes a 30-Year Fixed Rate Mortgage with a 20% Down Payment on a Median-Priced Home with a Median Income (P&I payment to income)
Source: NAR
19.6% Jan 2000 24.7% July 2006 11.6% Jan 2013 18.1% June 2018 13.3% Jan 2021 27.4% Oct 2022 0 5 10 15 20 25 30 25% 23.8% Today
However, this rate drop was enough to make homebuying affordable again for many Americans.
- Nadia Evangelou, Director of Real Estate Research, NAR
WHAT IS THE ONE THING THAT COULD STAND IN THE WAY OF YOUR SUCCESS THIS SPRING? MINDSET
https://www.cbsnews.com/news/housing-home-pricescould-drop-20-mortgage-rates-dallas-fed/
https://fortune.com/2022/09/13/210-housing-markets-atrisk-of-15-to-20-home-price-declines-says-moodys-housingcrash/
https://www.spglobal.com/spdji/en/indices/indicators/spcorelogic-case-shiller-us-national-home-price-nsaindex/#news-research
https://www.fhfa.gov/DataTools/Downloads/Pages/HousePrice-Index.aspx
Resources Slide(s) Description Link(s) 2 Rates and Buyer Demand https://www.mortgagenewsdaily.com/mortgage-rates 3 Khater Quote https://freddiemac.gcs-web.com/node/26871/pdf 5 Headlines
6 Narrative Circuitry Definition
7, 10 Price Appreciation Charts
www.rewire.com
8 Hepp Quote
https://www.fhfa.gov/DataTools/Downloads/Pages/HousePrice-Index.aspx
https://www.spglobal.com/spdji/en/indices/indicators/spcorelogic-case-shiller-us-national-home-price-nsaindex/#news-research
https://www.fhfa.gov/DataTools/Downloads/Pages/HousePrice-Index.aspx
https://www.blackknightinc.com/wpcontent/uploads/2023/04/BKI_MM_FEB2023_Report.pdf
https://twitter.com/Markzandi/status/1641243086419361798
https://calculatedrisk.substack.com/p/freddie-mac-houseprice-index-declines-d86
https://twitter.com/Markzandi/status/1641243086419361798
https://www.blackknightinc.com/wpcontent/uploads/2023/04/BKI_MM_FEB2023_Report.pdf
https://calculatedrisk.substack.com/p/freddie-mac-houseprice-index-declines-d86
Resources Slide(s) Description Link(s) 9, 11 Price Appreciation Graphs
12 MOM Home Values
13 Black Knight Quote
14 Zandi Quote
15 McBride Quote
16 Home Prices Since June Peak
NAR
https://www.cnn.com/2023/03/23/homes/mortgage-ratesmarch-23/index.html
https://www.atlantafed.org/center-for-housing-andpolicy/data-and-tools/home-ownership-affordability-monitor
https://cdn.nar.realtor/sites/default/files/documents/hai-012023-housing-affordability-index-2023-03-10.pdf
https://www.nar.realtor/research-and-statistics/housingstatistics/housing-affordability-index
https://cdn.nar.realtor/sites/default/files/documents/hai-012023-housing-affordability-index-2023-03-10.pdf
https://twitter.com/NAR_Research/status/163641128348966 9138/photo/1
Resources Slide(s) Description Link(s) 18 Jones Quote
19 Atlanta Fed Affordability Graph
20-21
Affordability Index Graphs
22-24
NAR Mortgage Payments Graphs
25 Evangelou Quote
Updates
https://www.nar.realtor/research-and-statistics/researchreports/realtors-confidence-index
http://www.census.gov/construction/nrs/pdf/newressales.pdf
http://www.census.gov/newhomesales
http://www.census.gov/construction/nrs/pdf/newressales.pdf
https://www.nar.realtor/topics/existing-home-sales
https://www.nar.realtor/research-and-statistics/housingstatistics/pending-home-sales
https://www.spglobal.com/spdji/en/indices/indicators/spcorelogic-case-shiller-20-city-composite-home-price-nsaindex/#news-research
https://www.corelogic.com/intelligence/u-s-home-priceinsights/
Resources Slide(s) Description Link(s) 34 Confidence Index
35-37, 45, 47, 48, 54-59 Existing Home Sales https://www.nar.realtor/topics/existing-home-sales 38-41 New Home Sales
34 Total Home Sales
43, 44 Pending Home Sales
49-51 Case Shiller
52 CoreLogic Price Forecast
https://www.nar.realtor/topics/existing-home-sales
http://www.census.gov/construction/nrs/pdf/newressales.pdf
https://www.realtor.com/research/data/
https://www.showingtime.com/blog/december-2022showing-index-results-west-sees-small-uptick-to-end-2022/
http://www.freddiemac.com/pmms/pmms_archives.html
http://www.freddiemac.com/research/forecast/
https://www.mba.org/news-research-andresources/research-and-economics/forecasts-andcommentary
http://www.fanniemae.com/portal/researchinsights/forecast.html
https://www.mba.org/news-research-andresources/research-and-economics/forecasts-andcommentary
https://www.nar.realtor/research-and-statistics
https://www.mba.org/news-research-andresources/newsroom
https://www.mba.org/news-research-andresources/research-and-economics/single-familyresearch/mortgage-credit-availability-index
Resources Slide(s) Description Link(s) 54-60 Inventory
71 Showing Activity
65, 66, 68, 69 Mortgage Rates
67 Mortgage Rate Projections
71, 72 Mortgage Credit Availability
Home Sales
Average Days on the Market February
46 49 44 36 24 26 27 29 31 31 36 38 41 41 36 29 27 26 24 22 22 21 21 21 21 20 18 17 17 17 17 17 17 18 18 19 19 18 17 17 16 14 14 16 19 24 26 33 34 Jan-19 Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan-20 Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan-21 Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan-22 Feb Mar Apr May June July Aug Sept Nov Dec Jan-23 Feb Source: NAR
2023
Existing Home Sales
Since January 2014
Source: NAR
3,800,000 4,300,000 4,800,000 5,300,000 5,800,000 6,300,000 6,800,000 Jan 2014 Jan 2015 Jan 2016 Jan 2017 Jan 2018 Jan 2019 Jan 2020 Jan 2021 Jan 2022 Jan 2023
Existing Home Sales
Year-Over-Year, by Region
Source: NAR
-22.6% -25.7% -18.7% -21.3% -28.3%
U.S. Northeast Midwest South West
Existing Home Sales
Source: NAR
In Thousands 0 100 200 300 400 500 600 January February March April May June July August September October November December 2021 2022 2023
New Home Sales
Source: Census
In Thousands 0 10 20 30 40 50 60 70 80 90 January February March April May June July August September October November December 2021 2022 2023
New Home Sales
Source: Census
Annualized in Thousands 360 460 560 660 760 860 960 1060 jun-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23
New Home Sales
by Price Range
0% 12% 26% 21% 30% 11% Under $150K $150-$199K $200-299K $300-$399K $400-$499K $500-$749K Over $750K Source: Census
* *
Percent of Distribution
* Less Than 500 Units or Less Than 0.5 Percent
New Homes Selling Fast
Median Months from Completion to Sold
Source: Census
3.2 3.6 3.6 3.4 3.5 3.6 3.4 3.2 3.5 3.1 3.2 3.0 3.4 3.4 3.4 3.3 3.6 4.2 4.3 4.5 4.5 4.2 4.0 3.6 3.2 3.7 5.1 4.9 4.5 4.1 4.5 3.6 3.1 2.5 2.9 3.2 2.8 2.7 3.5 3.5 2.8 2.9 2.4 1.9 1.5 1.5 1.7 1.9 2.3 2.5 Jan-19 Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan-20 Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan-21 Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan-22 Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan-23 Feb
Total Home Sales
Source: Census
In Thousands 443 436 567 587 593 676 646 631 604 577 557 574 422 423 524 517 557 575 495 528 477 419 372 374 286 330 January February March April May June July August September October November December 2021 2022 2023
Pending Home Sales
Source: NAR
60 70 80 90 100 110 120 130 140 January 2012 January 2013 January 2014 January 2015 January 2016 January 2017 January 2018 January 2019 January 2020 January 2021 January 2022 January 2022
100 = Historically Healthy Level
Pending Home Sales
Year-Over-Year by Region
Source: NAR
100 = Historically Healthy Level -21.1% -17.0% -16.5% -21.7% -28.4% U.S. Northeast Midwest South West
Percentage of Distressed Property Sales
Distressed Sales (Foreclosures and Short Sales) represented 1% of Sales in February.
Source: NAR
0% 5% 10% 15% 20% 25% 30% 35% Jan 2012 Jan 2013 Jan 2014 Jan 2015 Jan 2016 Jan 2017 Jan 2018 Jan 2019 Jan 2020 Jan 2021 Jan 2022 Jan 2023 4%
Home Prices
Sales Price of Existing Homes
Year-Over-Year, by Region
-0.2% -4.5% 5.0% 2.7% -5.6% U.S. Northeast Midwest South West Source: NAR
West Northeast
% Change in Sales
Year-Over-Year, by Price Range
Source: NAR
$0-100K $100-250K $250-500K $500-750K $750K-1M $1M+ % -20.1% -24.3% -16.0% -20.2% -23.1% -28.9% -20.1% -24.3% -16.0% -20.2% -23.1% -28.9%
Change in Home Prices
Year-Over-Year
Source: S&P Case-Shiller
0% 5% 10% 15% 20% Jun 2012 Jan 2013 Jan 2014 Jan 2015 Jan 2016 Jan 2017 Jan 2018 Jan 2019 Jan 2020 Jan 2021 Jan 2022 Jan 2023
Change in Home Prices Year-Over-Year,
20 City Composite
Source: S&P Case-Shiller Jan 2014 Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan 2015 Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan 2016 Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan 2017 Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan 2018 Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan 2019 Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan 2020 Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan 2021 Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan 2022 Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan
Change in Home Prices
Year-Over-Year, 20 City Composite
Source: S&P Case-Shiller
20.3% 21.1% 21.2% 20.5% 18.7% 16.0% 13.1% 10.4% 8.6% 6.8% 4.6% 2.5% Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan 2023
Year-Over-Year % Change in Price
Source: CoreLogic
February 2023 4.4%
3.7% Current Forecast
Housing Inventory
Change in Inventory
Month-Over-Month, March 2023
Source: realtor.com
Months Inventory of Homes for Sale
Source: NAR
2011 - Today 1.5 2.5 3.5 4.5 5.5 6.5 7.5 8.5 9.5 January 2011 January 2012 January 2013 January 2014 January 2015 January 2016 January 2017 January 2018 January 2019 January 2020 January 2021 January 2022 January 2023
Months Inventory of Homes for Sale
Source: NAR
3.8 3.6 3.8 4.2 4.3 4.3 4.2 4.0 4.0 3.9 3.7 3.0 3.1 3.1 3.3 4.0 4.6 3.9 3.1 3.0 2.7 2.5 2.3 1.9 1.9 2.0 2.1 2.3 2.5 2.5 2.6 2.6 2.4 2.4 2.1 1.7 1.6 1.7 1.9 2.2 2.6 2.9 3.2 3.2 3.1 3.3 3.3 2.9 2.9 2.6 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 Jan-19 Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan-20 Feb Mar Apr May June July Aug sept Oct Nov Dec Jan-21 Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan-22 Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan-23 Feb
Since 2019
Months Inventory of Homes for Sale
Last 12 Months
Source: NAR
1.9 2.2 2.6 2.9 3.2 3.2 3.1 3.3 3.3 2.9 2.9 2.6 0 1 2 3 4 5 6 Mar Apr May June July Aug Sept Oct Nov Dec Jan-23 Feb
Year-Over-Year Inventory Levels
Source: NAR
-30% -20% -10% 0% 10% 20% 30% January 2014 January 2015 January 2016 January 2017 January 2018 January 2019 January 2020 January 2021 January 2022 January 2023 % 7. 5. 3. 6. 6. 5. 5. 4. 6. 5. 5. -0 -0 -0 2. -0 1. 0. -4 -1 -3 -4 -1 -3 -2 -1 -1 -3 -9 -5 -5 -1 -6 -1 -9 -6 -7 -6 -6 -9 -8 -7 -9 -6 -6 -1 -9 -1 -9 -8 -7 -6 -6 0. 0. 2. 1. 2. 4. 6. 4. 2. 2. 1. 2. 0. -1 -2 -2 -4 -5 -9 -1 -9 -1 -1 -1 -1 -2 -1 -1 -1 -2 -2 -2 -2 -2 -2 -2 -1 -1 -1 -1 -9 -1 -1 -1 -1 -9 -1 -4 2. 0. 0. -0 -0 2. 101515
Year-Over-Year Inventory Levels
Last 12 Months
Source: NAR
-9.5% -10.4% -4.1% 2.4% 0.0% 0.0% -0.8% -0.8% 2.7% 10.2% 15.3% 15.3% Mar Apr May June July August Nov Dec Jan 2023 Feb July Aug Sept June Oct Nov Dec Jan 2023 Feb
New Home Monthly Inventory
Seasonally Adjusted, Last 12 Months
Source: Census
7.0 8.4 8.3 9.4 10.1 8.5 10.1 9.5 9.4 8.7 8.3 8.2 Mar Apr May June Jul Aug Sept Oct Nov Dec 23-Jan Feb
New Home Monthly Inventory
Non-Seasonally Adjusted
Source: Census
5.6 5.5 5.9 7.6 7.6 9.5 10.4 9.2 10.7 10.9 11.4 9.7 8.0 7.2 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 2022 2023
Buyer Demand
Buyer Activity Continues to Normalize
Year-Over-Year Increase in Showing Activity, February 2023
Michael Lane, Vice President & General Manager, ShowingTime+
Home shoppers did venture out in February in similar numbers relative to January, even as yearly pending sales were down. What happens next with mortgage rates will have a huge impact on market activity this spring.
Source: ShowingTime
-25.5% -17.1% -24.3% -33.4% -50.0% U.S. Northeast Midwest South West
Mortgage Rates
Mortgage Rates
30-Year Fixed Rate, January 2018–Today
2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0
Source: Freddie Mac
6.32%
Mortgage Rates
30-Year Fixed Rate, January 2016–Today
2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0 1/7/16 2/4 3/3 4/7 5/5 6/2 7/7 8/4 9/1 10/6 11/3 12/1 1/5/2017 2/2 3/2 3/30 4/27 5/25 6/22 7/20 8/17 9/14 10/12 11/9 12/7 1/4/2018 2/1 3/1 4/5 5/4 6/7 7/5 8/2 9/6 10/4 11/1 12/6 1/3/2019 1/31 3/7 4/4 5/2 6/6 7/3 8/1 9/5 10/3 11/7 12/5 1/2/2020 2/6 3/5 4/2 5/7 6/4 7/2 8/6 9/3 10/1 11/5 12/3 1/7/2021 2/4 3/4 4/1 5/6 6/3 7/1 8/5 9/2 10/7 11/4 12/2 1/6/2022 2/3 3/3 4/7 5/5 6/2 7/7 8/4 9/1 10/6 11/3 12/1 1/5 2/2 3/2 3/30 Source: Freddie Mac
6.32%
Mortgage Rate Projections
2023 Quarter Fannie Mae MBA NAR Average of All Three 2023 Q2 6.60% 6.10% 6.30% 6.33% 2023 Q3 6.60% 5.70% 5.90% 6.07% 2023 Q4 6.40% 5.30% 5.60% 5.77% 2024 Q1 6.20% 5.10% 5.40% 5.57%
April
Mortgage Rates
30-Year Fixed Rate
January 2019 – Today Actual Interest Rates
Where Are They Going?
2.0 3.0 4.0 5.0 6.0 7.0 8.0 2019 1/31 3/7 4/4 5/2 6/6 7/3 8/1 9/5 10/3 11/7 12/5 2020 2/6 3/5 4/2 5/7 6/4 7/2 8/6 9/3 10/1 11/5 12/3 2021 2/4 3/4 4/1 5/6 6/3 7/1 8/5 9/2 10/7 11/4 12/2 2022 2/3 3/3 4/7 5/5 6/2 7/7 8/4 9/1 10/6 11/3 12/1 1/5 2/2 3/2 3/30 6.1 5.7 5.3 5.1 2023 Q2 2023 Q3 2023 Q4 2024 Q1
Source: Freddie Mac, MBA
Mortgage Rates
30-Year Fixed Rate
Source: MBA
2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1 2019 Q2 2019 Q3 2019 Q4 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 Rate 4.3 4.5 4.6 4.8 4.4 4 3.7 3.7 3.5 3.2 3.0 2.8 2.9 3.0 2.9 3.1 3.9 5.3 5.7 6.6 6.4 6.1 5.7 5.3 5.1 2.5 3 3.5 4 4.5 5 5.5 6 6.5 7 7.5 - Actual - Projected 2018 2019 2020 2021 2023 2022 2024
Mortgage Credit Availability
Mortgage Credit Availability Index (MCAI)
Source: MBA
February 2023 100 110 120 130 140 150 160 170 180 190 Apr 2013 Jan 2014 Jan 2015 Jan 2016 Jan 2017 Jan 2018 Jan 2019 Jan 2020 Jan 2021 Jan 2022 Jan 2023
Lending Standards Still Under Control
Source: MBA
Historic Data for the Mortgage Credit Availability Index (MCAI) 0 100 200 300 400 500 600 700 800 900 June 2004 June 2005 June 2006 June 2007 June 2008 June 2009 June 2010 June 2011 June 2012 June 2013 June 2014 June 2015 June 2016 June 2017 June 2018 June 2019 June 2020 June 2021 June 2022 Feb 2023 Housing Bubble: 868.7 100.1
Housing Market Statistics
for Northeast Valley Single Family Homes
in Carefree, Cave Creek, Fort McDowell, Fountain Hills, Paradise Valley, Rio Verde and Scottsdale, Arizona
Average Price per Sq Ft for Sold Northeast
Valley Single Family Homes
Average Days on Market for Sold Northeast Valley Single Family Homes
Number of Active Listings
for Northeast Valley Single Family Homes
Average Price per Sq Ft for Active Northeast Valley Single Family Listings
Peter Shambreskis, REALTOR®, ABR, CRS, GRI, SFR 480-229-6468 Corinne Howard, REALTOR®, ePRO, GRI, SFR, SRS 480-229-6467 info@ShambreskisAndHoward.com www.ShowScottsdaleHomes.com CONTACT US TO DISCUSS YOUR LOCAL ARIZONA REAL ESTATE MARKET
