Phoenix Real Estate News
Phoenix
Record High Monthly Housing Payments Put Chill in U.S. Spring Selling Season
Based on new data from Redfin, the median U.S. monthly housing payment hit an all-time high of $2,894 during the four weeks ending May 5, 2024, up 14% from a year earlier, and home prices rose 4.5% to their own record high.
U.S. Homeowner Equity Dips Again in Early 2024
Based on data from ATTOM's newly released first-quarter 2024 U.S. Home Equity & Underwater Report, 45.8 percent of mortgaged residential properties in the United States were considered equity-rich in the first quarter.
U.S. Mortgage Rates Continue to Climb in Early May, Fifth Consecutive Week
Based on the most recent survey from Freddie Mac's Primary Mortgage Market Survey, the average rate for a 30-year fixed-rate mortgage in the U.S. stood at 7.22 percent as of May 2, 2024.
In Today's Economy, 58 Percent of U.S. Homeowners Can't Afford to Buy Their Current Home
According to a recent survey by national property broker Redfin, almost 58% of U.S. homeowners feel they probably couldn't afford to repurchase their current homes at today's prices and mortgage rates.
