That’s why California homes were bought at only a 277,490 annual pace in June – the 20th slowest month since 1990.
How can prices be rising when few are buying? Or is it, who can afford to buy with mortgage rates and prices so high?Yes, the 277,490 annual sales volume is up 15% in six months amid a modest springtime house-hunting revival. But purchasing is down 20% over 12 months and is off 34% since February 2020, the last month before the pandemic era began.
Dare I mention that mortgages have averaged 5.96% since 1990? Or that they bottomed at 2.7% at the end of 2020?For every $1,000 borrowed, homebuyers in June got $154,813 – a loan that’s 4% smaller in six months, down 12% during the year, and 31% less than February 2020. It’s also 10% below the 33-year average buying power.
A median-price homebuyer with 20% down in June is staring at a $4,332 monthly payment, the highest since at least 1990. Why so low? Typically, a big chunk of sellers are owners who’d be buying another residence. This “move-up market” is dead.
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