A marked increase in monthly mortgage payments of around 20% compared to 2022
Boston Condos for Sale & Boston Apartments
A marked increase in monthly mortgage payments of around 20% compared to 2022
For the four week period concluding on July 30th, Redfin’s report indicated a substantial 20% increase in monthly housing loan installments in comparison to 2022.
The amount of the loan repayment for the given duration was $2,605, an increase of 19% from the past year, yet a decrease of 1% compared to the maximum hit in July.
Mortgages with rates that are higher than normal continue to lead to historically high payments and elevated house sale prices.
For the week ending August 3rd, 30-year loan interest rates were 6.9%, increasing only slightly from the previous week but still lower than the peak experienced over the past six months which was attained three weeks prior. The standard for August 3 was 7.2%.
Given the lack of available supply causing stock to be unable to meet demand, the middle sale cost of properties in July encountered a 3.2% rise to $380,250, the most noteworthy climb since November. At the same time, the typical inquiry value of freshly-listed dwellings experienced an annual boost of 1.7%, amounting to $387,223.
The document correlated the rise in house prices to an imbalance between the availability and request. Homeowners are less likely to put their properties up for sale because of the costly mortgage payments, opting to keep their cheaper current loans instead.
The amount of houses listed for sale decreased by 19%, the most significant drop in eighteen months. Newly listed residences were also lower, diminishing 21.3% from the previous year, however it was the smallest decrease in three months, as revealed in the report.
Even with elevated costs and reduced stock, interest in acquiring a home is still flourishing, which is only 4% less than the amount from last year.
At the end of the week on July 29th, Redfin reported Google searches for “houses for sale” were even with the month before, but had decreased 16% from the same time in 2019.
