Kanab Real Estate Roundup for the Week of December 19th 2022
Welcome to your Kanab Real Estate Roundup for the week of December 19th 2022!
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Good news from Freddie Mac! Mortgage rates continued their downward trajectory this week, as softer inflation data and a modest shift in the Federal Reserve’s monetary policy reverberated through the economy. The good news for the housing market is that recent declines in rates have led to a stabilization in purchase demand. The bad news is that demand remains very weak in the face of affordability hurdles that are still quite high. The average fixed 30-year mortgage is 6.31%. But affordability remains an issue.
After the 2008 real estate crash, residential construction activities in the private sector never recovered to the level of 2006. Although home building slowly increased year over year during the last decade, projects remained well below early 2000 levels, according to figures from the Census Bureau and Department of Housing and Urban Development. Couple that with the fact that Millennials, the largest generation after the Baby Boomers, are now of housing-buying age, and you get a real unbalance with supply and demand, making home prices remain high.
Here's an interesting article: https://money.yahoo.com/supply-problem-housing-unaffordable-173614731.html
Here in Kanab...
- New Listings This Week 1
- Price Decreases This Week 4
- Under Contract This Week 2
- Sold This Week 5
- Total Inventory Available 35
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