06/30

The Home Increase Boom

If you’re shopping in the real estate market right now, then you understand the extreme prices the nation is currently seeing.

The Federal Housing Finance Agency (FHFA)’s recent study found that housing prices across the country rose 16% from April 2020 to April 2021.

Their study – purchase data from Fannie Mae and Freddie Mac – shows pretty big percentage jumps across the states.

• Mountain division – Colorado, New Mexico, Idaho, Wyoming, Utah, Nevada, Arizona, Wyoming = rose 21% year over year.
• Pacific division – Washington, Oregon, and California = rose 18% year over year.
• East Coast division – Maine, Vermont, New Hampshire, Massachusetts = rose 18% year over year.

Dr. Lynn Fisher, FHFA’s Deputy Director of the division of research and statistics, explains, “This unprecedented price growth persists due to strong demand, bolstered by still-low mortgage rates, and too few homes for sale.”

With mortgages rates rising a little above 3% for the first time since April last week, market experts are keeping tabs on what’s to come.

For more real estate news, stop by Pacific Alliance Title’s Blog.