Payment index is up 17% in a year – and up 110% since February 2020, just before coronavirus upended the economy. Yes, more than double.
Sales of existing, single-family houses dropped to a 277,000-a-year pace – 13th slowest on record.So, how did this yardstick for California house payments get so high — for the second month in a row?
Plus, note that mortgage rates skyrocketed to an average 6.84% for 30-year home loans in July. That’s well above 5.41% a year ago and the 5.96% average since 1990. And that assumption of a 20% downpayment means our hypothetical buyer also has to have $166,000 in spare cash to make the purchase pencil out, which is no small sum.could qualify to purchase a median-priced single-family home in the second quarter, according to a Realtor affordability index.Even many current owners can’t afford to buy at today’s prices. So, they stay put and don’t list their homes for sale.
And it’s also clear most successful buyers are those with deep pockets who seem in a hurry to make a deal.
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