Home sales saw their biggest month-on-month decline since November 2022 in March, dropping by 4.3 percent compared to February. Meanwhile, the average 30-year fixed mortgage surged to 7.1 percent — its highest since the end of last year.
Average monthly new mortgage payments are 38 percent higher than average apartment rent, with this double-digit disparity persisting for a two-year period. This is discouraging Americans from buying their own homes, with sales down 3.7 percent year-on-year.
“It’s never been this high for this long,” commented the Head of Multifamily Research at the CBRE Group, who produced the disparity figures, Matt Vance. “It doesn’t seem likely that it will come down any significant amount in the next several years,” he warned.
Consumers are also suffering from higher-than-expected inflation. Energy price rises have been especially punishing, increasing by 29.4 percent since Joe Biden assumed office in 2021. The price of gasoline has risen by over 52.1 percent over the same period and was even higher in 2022.
God Bless You and Your Families!
Love,
Please think about donating below.