10 May May 2023 Real Estate and Mortgage Report
Our monthly real estate market report includes information about housing prices, inventory, mortgage rates, home sales and market predictions. We summarize news headlines and share important market updates.
Here are some quotes from this month’s report:
- On a quarterly basis, home prices rose a seasonally adjusted 1.0 percent in Q1 2023 . . . the fact that prices rose slightly in the first quarter is evidence of significant pent up mortgage demand, despite ongoing affordability constraints.
- Just five months ago, prices were declining on a seasonally adjusted month-overmonth basis in 92% of all major U.S. markets. Fast forward to March, and the situation has done a literal 180, with prices now rising in 92% of markets from February.
- There’s no reason to panic, at least not yet. Foreclosure filings began ticking up in late 2021, after the federal foreclosure moratorium ended. The moratorium was enacted in the early days of COVID-19, when millions of Americans lost their jobs, to prevent a tsunami of homeowners losing their properties.
- Given their assessment of the potential economic effects of the recent bankingsector developments, the staff’s projection at the time of the March meeting included a mild recession starting later this year, with a recovery over the subsequent two years.
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