NEWS AND PRESS

IN 10 YEARS, YOU WILL WISH YOU BOUGHT A HOME

While the real estate market is frequently discussed as a whole, it's important to note that pricing and market performance can exhibit significant regional differences. For instance, based on information provided by Zillow, the projected one-year increase in home values across the United States stands at 1.7%, with a median price of $395,220 anticipated by 2033. However, in rapidly developing areas like Columbia, Missouri, this expected rate is 6.4%, exceeding the national average by more than threefold.

BE PREPARED FOR MORTGAGE RATES OF 8%

Wells Fargo has issued a caution that the Federal Reserve's robust interest rate increases may be on the verge of triggering a housing market downturn resembling the slowdown witnessed in the 1980s.

In an effort to combat inflation, the central bank has recently indicated its intention to maintain elevated borrowing costs until well into 2024, potentially leading to reductions in both construction and housing market activity, as outlined in a research note by economists Charlie Dougherty and Patrick Barley. They observed that, following an overall improvement in the first half of 2023, the residential sector now shows signs of contraction, coinciding with the recent uptick in mortgage rates.

RESIDENTIAL PROPERTY VALUES INCREASE FOR 7TH CONSECUTIVE MONTH IN AUGUST 2023

In Washington, DC, as reported by CNN, residential property values in the United States sustained their upward trajectory in August, achieving a fresh all-time high and marking the seventh consecutive month of ascension. Despite mortgage rates surpassing 7% during August, the persistently low housing inventory continued to propel home prices higher.

Data from the S&P CoreLogic Case-Shiller US National Home Price Index, adjusted for seasonal variations, revealed a 0.9% price increase in August compared to the preceding month.

In comparison to the same period last year, the national composite index also demonstrated growth, with home prices climbing by 2.6% from August 2022, as indicated by Case-Shiller's data.