The cooling housing market has further fueled the demand for rental units , driving rental prices even higher.It’s been a nerve-racking time for homebuyers grappling with still-soaring prices for existing homes despite rising inventory, falling home sales andThe average 30-year fixed mortgage rate went from from 3.22% on Jan. 6 to 5.55% on Aug. 25, according to Freddie Mac.
The median existing-home sales price climbed 11% from one year ago to $403,800 in July, marking 125 consecutive months of year-over-year increases. However, it was down by $10,000 from June's record high of $413, 800, according to NAR data.The median monthly asking rent in the U.S. surpassed $2,000 for the first time in May, rising 15% year-over-year to a record high of $2,002.In July, the national median asking rent was up 14% year-over-year to $2,032.
Brinton says a client who is relocating from Maine to Salt Lake City spent a few weeks looking for a home before deciding to explore the rental market.was an expensive option,” says Brinton. “Rental prices are so high here and they are only going higher as more and more people have dropped out due to interest rates. ”some markets
Builder confidence fell for eight straight months in August as elevated interest rates, ongoing supply chain problems and high home prices continue to exacerbate housing affordability challenges, according to a NABH survey. “The national inventory level is still below 2019 levels, and so another wave of lowered mortgage rates could keep the home price growth in the high single digits,” says Mohtashami.
But the landlord is happy 😀
Don’t buy. -I would say -
Buying is nearly always better for generational wealth.
Fdo MANOLITO EL WIRELESS
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