U.S. Single-Family Home Prices Rise 0.1% in March as 30-Year Mortgage Rate Hits 6.51%
Updated
Updated · Reuters · May 26
U.S. Single-Family Home Prices Rise 0.1% in March as 30-Year Mortgage Rate Hits 6.51%
6 articles · Updated · Reuters · May 26
March single-family home prices rose 0.1% after February was revised to a 0.1% decline, while annual growth held at 1.7%, FHFA said.
Mortgage costs are threatening that modest rebound: the 30-year fixed rate averaged 6.51% last week, up from 5.98% at the end of February as the Iran war lifted oil prices, inflation pressure and Treasury yields.
A shortage of existing homes, especially starter properties, is still supporting prices even as demand faces pressure from higher borrowing costs.
Regionally, monthly prices fell in five areas including New England and West South Central, while East North Central posted the strongest annual gain at 5.1% and West South Central fell 0.9%.
With war pushing rates higher, will America's severe housing shortage be enough to prevent a market price collapse?
As the housing crisis deepens, what fundamental policy changes could actually make starter homes affordable again?
How is the ongoing conflict with Iran altering the landscape of American homeownership for an entire generation?