We have been talking a lot lately about how the average home price has been going up monthly. Nationally, it still is going up but at a smaller increase. For the last few months , prices have been increasing by double-digit percentages month-after-month. On December 10th, 2022, the home price growth had dropped 0.8% from the previous week, down to 9.5%. It had been increasing by double-digit amounts for 49 straight weeks!
Another item that has been dropping is mortgage rates. For the last five weeks, the mortgage rates for a 30-year loan have dropped to 6.31% according to realtor.com. The mortgage rates peaked in 2022 in late October, hitting 7.08%.
Read the Original Article Here: Home Prices Just Hit a Turning Point After Nearly a Year, but Will Buyers Miss It Amid the Holidays?