Report

Housing Finance Watch (Week 29, 2023)

By Edward J. Pinto | Tobias Peter | Sissi Li

July 25, 2023

PDF to full report

Key takeaways:

Key takeaways:

  • The median purchase rate dropped 0.075 ppts. to 6.75% while according to MND, the daily avg. 30-year rate rose back to 6.98% on July 21st.
  • Purchase volume was 29% below 2019’s level.
  • Y-o-y HPA was 2.9% in June 2023 and is projected to increase to 4% in both July and August 2023.
  • Metros with less affordability continue to have slower y-o-y HPA. The Western metros of San Jose, San Francisco, Seattle, and Sacramento are having y-o-y HPA declines. Over time, if the unemployment rate increases to around 5.5%, price declines will spread to the low end of some FHA markets and to metros with stagnating or declining job growth.