Increase in Pending Home Sales Won’t Last Long: Here's Why - Video

Contracts to buy existing homes (i.e. pending home sales) in January 2023, increased for the 2nd time in 15 months (and for the 2nd consecutive month) as mortgage rates decreased from the highs seen in late October/early November. This is based on a new report from the National Association of Realtors (NAR). Additionally, pending home sales for brand new homes in the US has increased for the past two consecutive months as well per the US Census Bureau.

Meanwhile, because mortgage rates have decreased from about 7.3% to ~6% in the last 3 months and national home prices have declined 10% since June 2022, the average monthly housing payment for someone looking to buy a $475k home using a 5% down payment will save approximately $657/month as of late-January 2023 compared to last November. This is according to Rick Palacios Jr. at John Burns Real Estate Consulting. However, because average 30yr rates have increased approximately 80 basis points (an increase from 6% to 6.8%), the rise in pending home sales last month could be short-lived. We shall see and I’ll keep you posted.

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Compilation of Housing Market Forecast videos:
https://youtube.com/playlist?list=PLiQQpOejscIcBF1Jw2zG6Uvg7qDav_oGi

To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 6.8% for the current mortgage rates (at the time of filming this video for those with excellent credit).

Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?

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Jason Walter, CPA (lic 103885)
Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
[email protected]

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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.

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