Builder confidence rose 4th straight month and 59% of them offered deals to buyers in April. There are 1.67m new houses and apartments under construction right now.
Housing
0.8% more homes went under contract in February than January. Not a huge gain, but 3rd straight gain with rates in 6s. Affordability better too.
Jan 2023 home prices rose 3.8% annually, but dropped Dec to Jan in 19 of 20 cities Case Shiller home prices measure. Can you afford a home now?
Total US home values are $43.5t with $12.52t total mortgages. So homeowners have very healthy 71% equity. But are these values affordable?
2023 new home prices in March are higher but rates are lower so you can actually afford more now than last month.
Home affordability 2023 is decent. You need to make $81k to afford a home with no other monthly debt, or $97k if you have $600 in other monthly debt.
When iBuyers like Opendoor have excess inventory to sell, this is a buyer's market signal that works in your favor when making offers.
CoreLogic Case Shiller home prices are down 2 straight months across 20 'cities' but this data is 3-4mo behind and not local. Here's how to price a home for real.
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