Home prices were up 38% in April 2023 compared to the same period in 2020, according to Zillow’s Home Value Index.
That’s according to the latest Gallup poll, where a record 78% of Americans said they believe it’s a bad time to make a home purchase. This is the highest that share has been since Gallup began tracking this data in 1978. A majority of Americans had been reporting it’s a good time to buy a house up until 2022. Low inventory and skyrocketing home prices certainly play a part.
Home prices were up 38% in April 2023 compared to the same period in 2020, according to Zillow’s Home Value Index. Homes on the market are also harder to come by. Housing inventory dropped by 28% year-over-year in April, per Zillow data.At the same time, mortgage rates are on the rise. For the first week of January in 2021, mortgage rates for a 30-year fixed-rate mortgage were 2.65%. But for the first week of January in 2023, those rates were 6.48%, according to Freddie Mac.
Still, when Gallup asked Americans what they think is the best long-term investment, real estate remains at the top of the list , suggesting Americans may want to buy a house — though maybe not right now.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
1.63 million 'excess deaths' among Black Americans compared to white Americans in last 20 years: StudyNEW YORK — A new study from the medical journal JAMA Network estimates there were 1.63 million excess deaths among Black Americans between 1999 and 2020. 'Excess deaths' is an estimate of how many people died above and beyond what is expected, according to the study.
Read more »
Home Depot cuts its outlook as Americans cool spending on homesThe Home Depot's robust growth during the coronavirus pandemic is starting to slow as anticipated, with the retailer's fiscal first-quarter revenue missing Wall Street's estimates and a key sales figure declining.
Read more »
Home Depot cuts its outlook as Americans cool spending on homesIt was a rough start to a busy week of retail earnings and the numbers from the nation's biggest home improvement chain dragged down retail stocks as well as the Dow.
Read more »
Arizona cracks down on Medicaid, sober living home fraud targeting Native Americans: 'This is tragic'The state of Arizona is cracking down on an alleged Medicaid fraud and a scheme that takes advantage of vulnerable Native Americans.
Read more »
Dallas Homeowner Affordability Declines in New StudyDallas home ownership affordability declined in a new study from RealtyHop.com.
Read more »
Tiger cub seized from Phoenix home finally has a forever homeTiger cub Indy who was found in a Phoenix home back in January has found her forever home after being cared for at a local wildlife rescue for several months.
Read more »