BUYING A HOME
by Matt Carson
|
3 min read
In May, three of the four regions remained largely the same as April of 2024, with the South falling 1.6%, leading to an average decline of 0.7% from last month with a seasonally adjusted annual rate of 4.11 million. At the same time, housing prices soared to break the record, according to a report released by the National Association of Realtors (NAR).
"Eventually, more inventory will help boost home sales and tame home price gains in the upcoming months," NAR Chief Economist Lawrence Yun said. "Increased housing supply spells good news for consumers who want to see more properties before making purchasing decisions."
While existing-home sales remained largely the same across the board, median home prices jumped 5.8% from May of 2023 to reach $419,300, the highest ever recorded. This also marks the eleventh consecutive month of year-over-year price gains. All four U.S. regions showed price gains.
Month | Median existing-home price | Month-over-month | Year-over-year |
---|---|---|---|
June | $410,200 | Up 3.6% | Down 0.9% |
July | $406,700 | Down 0.9% | Up 1.9% |
August | $407,100 | Up 0.1% | Up 3.9% |
September | $394,300 | Down 3.1% | Up 2.8% |
October | $391,800 | Down 0.6% | Up 3.4% |
November | $387,600 | Down 1.1% | Up 4.0% |
December | $382,600 | Down 1.3% | Up 4.4% |
January | $379,100 | Down 0.9% | Up 5.1% |
February | $384,500 | Up 1.4% | Up 5.7% |
March | $393,500 | Up 2.3% | Up 4.8% |
April | $407,600 | Up 3.6% | Up 5.7% |
May | $419,300 | Up 2.9% | Up 5.8% |
"Home prices reaching new highs are creating a wider divide between those owning properties and those who wish to be first-time buyers," added Yun. "The mortgage payment for a typical home today is more than double that of homes purchased before 2020. Still, first-time buyers in the market understand the long-term benefits of owning."
Continuing on a positive trend, the inventory of unsold homes grew 6.7% from the previous month to finish out May with 1.28 million units, or the equivalent of 3.7 month's supply.
According to the report, first-time homebuyers accounted for 31% of buyers in May. This is down from 33% in April, but an increase from 28% in May of 2023. All-cash sales made up 28% of home transactions in May, which is unchanged from last month. This figure is up from 25% in May of 2023.
With all-cash buyers shown to take up nearly a third of the total market, potential homebuyers definitely need an edge to compete with them: Same Day Mortgage. This fast and easy solution removes the uncertainty from buying a home, with loan approvals in one day with loan options with as little as 3% down.
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply.
Your journey home begins here.
OriginPoint's Same-Day Mortgage (aka “FastTrack”) promotion offers qualified customers who provide certain required financial information/documentation to OriginPoint within 8 hours of locking a rate on a mortgage loan the opportunity to receive a loan approval within 1 business day of timely submission of documentation and does not suggest that the borrower will receive funding on the same day as their application submission. For purposes of this offer, documents provided after 1 pm local time or on a weekend or company holiday will be deemed submitted the next business day. OriginPoint cannot guarantee that a loan will be approved or that a closing will occur within a specific timeframe. OriginPoint reserves the right to revoke this approval at any time if there is a change in your financial condition or credit history which would impair your ability to repay this obligation. Read and understand your Loan Commitment before waiving any mortgage contingencies. Borrower documentation and Intent to Proceed must be signed within 8 business hours of receipt. Not eligible for all loan types or residence types. Minimum down payment requirements apply. Self-employed borrowers and Co-borrowers are not eligible. Not all borrowers will be approved. Borrower's interest rate will depend upon the specific characteristics of borrower's loan transaction, credit profile and other criteria. Eligible borrowers who successfully provide all required documentation within 8 business hours will receive a $250 Closing Cost Credit applied at closing, no cash value, and may not be combined with any other Lender promotions, discounts, or concessions. Not available in all states. Restrictions apply. Visit OriginPoint.com/same-day-mortgage for terms and conditions.
**Eligible borrowers must qualify for a "Clear to Close Loan Commitment" ("CTC”). OriginPoint cannot guarantee that a loan will be approved or that a closing will occur within a specific timeframe. CTC is subject to certain underwriting conditions, including clear title and no loss of appraisal waiver, amongst others. Not eligible for all loan types or residence types. Minimum down payment requirements apply. Property must be eligible for an Appraisal Waiver and borrower must opt in to AccountChek for automated income and asset verification. Self-employed borrowers and Co-borrowers are not eligible. Not all borrowers will be approved. Restrictions apply.
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact OriginPoint for current rates and for more information. All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. OriginPoint, Inc. does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by OriginPoint, Inc. OriginPoint, Inc. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action. OriginPoint does not provide tax advice. Please contact your tax adviser for any tax related questions.
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Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact OriginPoint for current rates and for more information.