Building permits issued in March increased to 1,458,000 (SAAR). That’s 4.3% below the revised February rate and 1.5% higher than a year ago.
Mortgage rates increased this week ahead of the Federal Reserve’s interest rate decision as investors came to grips with a more hawkish Federal Open Market Committee (FOMC), less disinflation and the federal funds rate remaining high for longer.
Sellers have a slight edge nationwide, though less of one than in recent years. Buffalo, the Bay Area and the Northeast rank among the best areas for sellers.
Building permits issued in April decreased to 1,440,000 (SAAR). That’s 3% below the revised March rate and 2% lower than a year ago.
Despite mortgage rates soaring to above 7% in 2022, roughly 7.9 million families that did not own the home they lived in could afford to take on a new mortgage payment.
Price growth continued to flatten into June, before the more significant mortgage rate relief we’ve seen since.
Building permits issued in May decreased to 1,386,000 (SAAR). That’s 3.8% below the revised April rate and 9.5% lower than a year ago.
The seasonally adjusted S&P CoreLogic Case-Shiller U.S. National Home Price Index® increased 0.3% in April, matching its growth in March.