San Jose, California has become the first U.S. metro area with a median single-family home price above $1 million, Realtors say.
It’s been nearly seven years since the foreclosure crisis peaked in 2010, and that means many former homeowners who lost their homes could be re-entering the housing market.
Homes are selling more quickly this year than last year in 27 of the nation’s 35 largest metro housing markets – in some cases, much more quickly.
It’s not an easy housing market for first-time homebuyers, with tight inventories continuing to push home prices upward and tighter credit standards by lenders.
Ongoing fallout from the Brexit vote abroad is pushing down U.S. mortgage rates closer to their all-time lows, and as a result, mortgage refinancing applications are surging.
The “older the better” saying seems to apply to new mortgage applicants as Millennials have the lowest credit scores when compared with older cohorts.
Nationally, prices of U.S. single-family homes, including distressed sales, saw a 5.9 percent year-over-year increase on average in May, with 21 states seeing new highs.
The 30-year fixed-rate mortgage is now only 17 basis points above its November 2012 all-time record low of 3.31 percent.
Now, the prospect of more turbulence and a flight to safety among global investors to U.S. treasuries could spell another dip into historic territory for the 30-year fixed mortgage.
The 30-year fixed-rate mortgage this past week averaged 3.54 percent, its lowest point since it reached 3.51 percent in the week of May 16, 2013, according to Freddie Mac’s weekly updates.