Talk about a wallop to the wallet: the typical homebuyer’s monthly mortgage payment has climbed $337 (15%) over the past six weeks, according to a report from Redfin, Seattle.
U.S. commercial property prices increased in August, but at the slowest pace seen this year, reported Real Capital Analytics, New York.
Black Knight, Jacksonville, Fla., said home prices fell in August for the second straight month.
Last week, the Federal Housing Finance Agency released its Purchase-Only House Price Index for July. The HPI was down 0.6% from the previous month, although up 13.9% from July 2021. The HPI has increased by nearly 120% since March 2012 (yellow line), and is up 39% since the start of the COVID-19 pandemic in March 2020.
Redfin, Seattle, reported 64,000 home-purchase agreements fell through in August, equal to 15.2% of homes that went under contract that month. That’s up from 12.1% a year earlier and is comparable with July’s revised rate of 15.5%.