Report

Housing Finance Watch(Week 19, 2023)

By Edward J. Pinto | Tobias Peter | Sissi Li

May 15, 2023

PDF to full report

Key takeaways:

Key takeaways:

  • Median rates stayed at 6 3/8% for the 4th consecutive week.
  • Purchase volume was 34% below 2019’s level.
  • Y-o-y HPA is projected to be at 1%, 0% and 1% in April, May and the first three weeks of June 2023, respectively.
  • Metros with less affordability continue to have slower y-o-y HPA: the Western metros of San Jose, San Francisco, Seattle, and Sacramento are already having y-o-y HPA declines.
  • Over time, if the unemployment rate increase to around 5.5%, price declines will spread to the low end of some FHA markets & in metros with stagnating or declining job growth.
  • We expect the national seller’s market to end in 2023.