October AEI Housing Finance Watch Indicates an Unhealthy Market
By Edward Pinto
Housing Finance Watch: Active Listings Continue to Trend Higher But Remain Below their 2018-2019 Levels, Indicating an Unhealthy Market
By Edward J. Pinto | Tobias Peter | Sissi Li
October 23, 2024
Key takeaways:
- The median purchase rate increased from 6.25% to 6.38% in week 41, 2024.
- According to Mortgage News Daily, the avg. 30-year rate was 6.85% on Oct. 22nd.
- Purchase volume was down 43% from the same week in 2019, and up 4% YoY, with volume slowing somewhat with increasing rates.
- Preliminary YoY HPA was 4.2% in September 2024. It is projected to be 4.4% and 4.6% for Oct. 2024 and the first three weeks of Nov. 2024, respectively.
- Despite subdued purchase activity and relatively high rates, YoY HPA remains strong, largely due to buyers being well-qualified.
- Our base HPA projection calls for y-o-y HPA of +5% and +5.5% by year-end 2024 and 2025 respectively.
©2024. Edward Pinto. All rights reserved.
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