(This week is a different story, with the fallout from Silicon Valley Bank impacting the market-on Monday, mortgage rates dropped to 6.57% and are now hovering slightly higher.) Last week also marked the sixth in a row that the 30-year fixed rate saw a hike, hitting 7.03% last Wednesday. What’s the current state of the housing market?Īccording to the National Association of Realtors, in January 2023, sales of existing homes fell for the 12th consecutive month. (Average home prices in Tallahassee, for instance, surged by just over 30% year over year, according to Redfin data from February.) For designers whose income often hinges on clients’ moves to new homes or renovations of existing ones, keeping a finger on the pulse of these events can be a savvy technique for planning new business strategies. The continued influence of the pandemic has also reshaped where we live: Ever since 2020, remote work has had many former homeowners from Northern metro areas permanently setting up camp in Florida and elsewhere in the Sun Belt, driving up housing prices in once-affordable cities.
The US housing market has been in dramatic flux since 2022, plagued by oppressive inflation, soaring rental prices and mortgage rates, and swelling demand made worse by a shortage of housing inventory.
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