September 23, 2022
- According to our data, 49 out of the 50 biggest U.S. cities (by population) saw median home sale price increases in June-August over the same period last year.
- More than a quarter of people who moved this year say they did so to avoid catching covid, according to MyMove survey.
- Foreclosure filings dropped to a new low in Q3, a number not seen since Q1 2008.
- Between June and September, purchase applications with loan amounts higher than $766,000 grew from 49% YoY to 74% YoY, while loans between $625,000 and $766,000 grew from 38% YoY to 55% YoY. Due to pent up demand, low cost of mortgage, and lack of supply as COVID still keeps many sellers from listing their properties, buyers are able to afford larger houses, which is also fed by increased desire for needing more space during lockdowns.
- While falling rates have increased buying power, the combination of record low rates and the lowest inventory levels in years have resulted in skyrocketing price growth.