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Home prices saw largest annual gain in nearly 15 years
[AXIOS] Home prices saw the biggest annual gain in close to 15 years this January, according to the Case-Shiller index.The big picture: Phoenix, Seattle and San Diego saw the highest year-over-year home price gains. Background: Little supply: There were just over 1 million homes for sale at the end of January — the fewest since 1982, the WSJ notes. Low (but rising) mortgage rates: The average 30-year mortgage rate hit a record low (2.67%) the week of Jan. 7. Yes, but: Rates are currently at 3.17%, contributing to the slowdown in mortgage applications. Bonus: Consumer confidence is the highest since the pandemic started last March, per new Conference Board data out today. Consumer "plans to purchase a home" are the highest since the survey's inception in 1967. Related: CNN - 76 all-cash offers on one home. The housing madness shows no signs of slowing Posted by: Besoeker 2021-03-31 |
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