A housing bubble that has been causing pain for Canadian homeowners and buyers alike may have started to pop as housing prices plummeted at a historic rate in August.
Housing prices fell 2.4% in August as compared to July, the largest monthly decline since the data was first tracked in 1999, according to management firm Teranet and the National Bank of Canada, who compute the index jointly. As of July, prices had risen almost 42% faster than wages since 2015, making housing less affordable to purchase, while spiking interest rates made houses more expensive to own, financial advice company The Motley Fool reported in July.
Pennsylvania’s struggle to build more housing, be it affordable or market-rate, will continue unless dramatic change happens within city, county, and state governments.
Such was the takeaway from a House Urban Affairs Committee hearing focused on northeastern Pennsylvania on Wednesday.
Mortgage applications plummeted to their lowest level in three years as rates continued to edge higher, hitting home buyers and refinancers.
Mortgage applications decreased 13.1% in the week ending Feb. 18, the lowest level since December 2019, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey. The survey, which measures mortgage loan application volume, found refinancing activity decreased 15% on a weekly basis and was 56% lower than the same period one year prior.
House prices are at their highest point ever as the housing market continues to boom, leaving some buyers struggling to afford a home, according to a real estate group.
The median existing-home price topped $350,000 for the first time in May, a 23.6% increase from a year earlier, according to a Tuesday report from the National Association of Realtors (NAR). While existing-home sales fell 0.9% from April to May, prices continued to increase as supply struggled to meet demand.
A combination of home buyers leaving cities, low interest rates, and constrained housing supply has caused prices to skyrocket, according to a report from Redfin. While the market has benefited sellers, some buyers have been priced out, the The Wall Street Journal reported.