Home prices are getting slightly more affordable, but down payments are still holding buyers back
Housing is getting more affordable thanks to lower prices and lower mortgage rates, but it still takes more time to save for a down payment than pre-pandemic.
TL;DR
- Mortgage rates have decreased, and home prices are showing signs of easing, leading to improved affordability for buyers.
- National home prices are up only 0.3% year-over-year, with some metropolitan areas seeing gains while others experience losses.
- The average 30-year fixed mortgage rate is currently 6.19%, down from over 7% at the start of the year.
- Saving for a down payment remains the biggest hurdle for first-time buyers, taking an average of seven years.
- The supply of homes for sale has increased by about 12% compared to last year.
- Pending home sales rose in November, reaching their highest level in nearly three years.