The FHFA HPI is a collection of home price indices that measures single-family home values across all 50 states and over 400 cities with data extending back to the mid-1970s. ![]() ![]() On the other hand, the latest Federal Housing Finance Agency (FHFA) House Price Index (HPI) shows home prices rose 4.3% in Q1 2023 compared to Q1 2022, culminating in the index reaching a record high of 398.0 in March. This is the third consecutive month of year-over-year national home price declines after a 131-month streak of record increases. On the one hand, home shoppers received good news, with the median existing-home sales price declining 1.7% to $388,800 in April compared to a year ago, according to the National Association of Realtors (NAR). These circumstances continue to put a strain on the housing market, which remains a mixed bag. Yet, Fed watchers are sensing that recent, stronger-than-expected jobs and personal consumption expenditures data along with still-high inflation could prompt the Fed to move forward with yet another rate hike rather than a pause. At one point Fed Chair Jerome Powell suggested the tightening credit environment resulting from the recent bank turmoil would function similarly to a rate hike. Since their May meeting, Fed policymakers have expressed divided opinions on raising interest rates at their upcoming June 12-13 meeting. A Fed rate hike has an indirect impact on long-term home loans, such as 30-year, fixed-rate mortgages. The May 3 hike was the central bank’s 10th consecutive interest rate increase since March 2022. Mortgage rates remain high partly as a consequence of the Federal Reserve voting to raise its key interest rate by 25 basis points on May 3 in its aggressive efforts to tamp down inflation. The buyer-seller stalemate held steady in May thanks to an uptick in mortgage rates and elevated home prices that together continued to perpetuate the housing affordability crisis, as fears of ongoing inflation, bank sector volatility, debt ceiling drama and an impending recession hang in the air. Though home prices are not as high as the record prices of June 2022, data suggest that where home prices dip or climb this year remains heavily region-specific. For one, the nation’s housing supply remains limited-and probably will remain so for at least the near future-due, in part, to those who purchased homes in recent years at record-low interest rates staying put. Home prices remain stubbornly elevated, perpetuating affordability challenges for many, especially first-time homebuyers. Though the median existing-home sales price edged lower year-over-year for the third consecutive month-a promising sign for home shoppers-experts don’t expect substantial, nationwide price declines anytime soon. A basis point is one-hundredth of one percentage point. The national average 30-year fixed mortgage rate increased by 18 basis points in May, while pending home sales were flat and existing home sales sagged in April. Real Estate Websites by Tour Real Estate Inc.Despite being well into the spring homebuying season, the housing market is still experiencing a winter chill. Try adjusting both your device's volume controls and your media players' volume controls to optimize your listening experience. Each video and audio service has its own additional volume controls. Your computer, tablet, or mobile device has volume control features. Learn how to turn captioning on and off in YouTube. Most of NAR's video content includes captions. ![]() ![]() Captions are generally rendered visually by being superimposed over the video, which benefits people who are deaf and hard-of-hearing, and anyone who cannot hear the audio (e.g., when in a crowded room). NAR is working on adding transcripts to all scripted video and audio content.Ī caption is transcript for the audio track of a video presentation that is synchronized with the video and audio tracks. If you are deaf or hard of hearing, there are several accessibility features available to you.Ī text transcript is a text equivalent of audio information that includes spoken words and non-spoken sounds such as sound effects.
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