In February, CPI rose by 3.2%. The important “core inflation” component rose by 3.75%, its lowest reading since April 2021.
The National Association of REALTORS® computed the median age of home buyers within each region, state, and among the 200 largest metro areas.
The latest jobs figures displayed a mixed picture. Another solid 275,000 net new payroll jobs were added in February, but the unemployment rate went up to 3.9%.
Mortgage interest rates ticked up again this week to 6.94%; for a $400,000 home, with a 20% down payment, the mortgage payment would be $2,116.
Since October 2022, all-cash home buyers who did not finance their recent home purchase have been more than one-quarter of the real estate market.
Housing starts collapsed in January, and the seasonally adjusted data implies a continuing housing shortage ahead.
Mortgage interest rates for the 30-year fixed mortgage averaged 6.77% this week, up from 6.64% last week based on Freddie Mac data.
The desired rate of inflation is 2% and the latest rise of 3.1% consumer price index in January is not yet comfortable.
At the national level, housing affordability improved in December month-over-month, with decreases in both monthly mortgage payments and median prices of single-family homes.
Home prices continued to rise in the fourth quarter of 2023, and single-family home prices had positive gains in 85.5% of 221 metro areas.
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