This Market Update is written by our Capital Market specialists each week to bring you insight into what's happening in the market and how it may affect mortgage rates and real estate trends.
List of the 10 Metro Areas with Largest Share of Price Reductions of Total Inventory
Tampa-St. Petersburg-Clearwater, Fla. – 27.6%
Phoenix-Mesa-Chandler, Ariz. – 23.0%
Austin-Round Rock-Georgetown, Texas – 22.3%
Jacksonville, Fla. – 22.1%
San Antonio-New Braunfels, Texas – 21.8%
Orlando-Kissimmee-Sanford, Fla. – 20.2%
Portland-Vancouver-Hillsboro, Ore.-Wash. – 20.1%
Miami-Fort Lauderdale-Pompano Beach, Fla. – 19.7%
Dallas-Fort Worth-Arlington, Texas – 19.5%
Memphis, Tenn.-Miss.-Ark. – 19.3%
Market Review:
Per Black Knight's Production Metrics, the breakdown of mortgage production volume is as follows: 84.79% for purchase transactions, 10.81% for cash-out refinances, and 4.40% for rate and term refinances.
Per Black Knight 50.78% of all Retail loan production were Government Loans (FHA, VA, USDA), while 49.20% were Conventional and Non-Conforming loans.
Interesting Fact:
Compared to the 2006 Housing Boom peak, home prices are currently 71% higher. However, after accounting for inflation, home prices are just 10% higher. Thought of slightly differently, nominal home prices are exactly double what they were in 2004. That works out to a compound annual growth rate of 3.6%. While housing prices went crazy during Covid, over the long run price increases have been rather pedestrian.
- Elliot F. Eisenberg, former Sr. Economist with National Association of Home Builders
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- Building a luxury home in an expensive real estate market: 5 tips
- List of the 10 Metro Areas with Largest Share of Price Reductions of Total Inventory
