Fun Fact Friday 🚪 4/5/2024

Hey Friends,
Just 4 fun facts to share with you today (in order from “least fun” to “more fun”) and as usual, my weekly quote to ponder.  Have a great weekend!

Blessings,
Andrew

Fun Fact 1:
The monthly mortgage payment needed to buy the median-priced home in the US has increased 80% over the last 4 years, moving from $1,500 per month to $2,700.

Source: Redfin analysis of MLS data, Freddie Mac Primary Mortgage Market Survey via Charlie Bilello

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Fun Fact 2:
While off its high from last year, the 30-year mortgage rate of 6.9% remains prohibitive for many buyers.

Source: Charlie Bilello

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Fun Fact 3:
The good news: supply is slowly coming back, with new listings rising 15% over the last year to their highest level since September 2022. An increasing number of sellers who have been holding off from listing their homes (wanting to keep their ultra-low mortgage rates) are now listing.

Source: Redfin

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Fun Fact 4:
The surge in home prices in recent years has led to record $32.6 trillion in U.S. housing market equity, up 81% in the past 5 years. Debt as a percentage of housing market value has decreased over this time from 36% to 28%. Back in 2012 when U.S. home prices bottomed, there was more debt in housing than equity.

Source: Urban Institute

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Quote I’m pondering:

“Ninety percent of all millionaires become so through owning real estate. More money has been made in real estate than in all industrial investments combined. The wise young man or wage earner of today invests his money in real estate.” – Andrew Carnegie

 

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Disclaimer: All information provided is for educational purposes only and does not constitute investment, legal or tax advice, an offer to buy or sell any security, or to buy or sell real estate property. Read our full disclosures HERE.