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As mortgage rates continue to climb – some analysts predict 5.5 percent or even 6 percent by the end of the year – many would-be home buyers find themselves priced out of the housing market. This, of course, means that there is less competition for those who are still in the market which should translate to a slower price escalation and less need to bid over the asking price.
According to the Mortgage Data Association, mortgage applications were down 11.1 percent for the week ending April 29.
The Harvard Joint Center For Housing Studies State Of The Nation’s Housing 2017 report states that home prices increased in 97 of 100 U.S. metro areas in 2016. On a nominal basis, nationwide prices increased by 5.6 percent from the previous year but adjusted for inflation prices are still 15 percent shy of the previous peak.
San Jose and San Francisco have exceeded their previous peaks while Napa, Oakland, San Rafael, Santa Rosa, and Vallejo remain short of previous highs.
Currently, San Jose ranks’s as the least affordable housing market in the nation, with less than 25 percent of households able to purchase a home.
