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Home-Buying Competition Pushes Prices Higher
Competition among buyers over few available houses has made prices unusually hot this home shopping season, according to the latest market report from Zillow. Meanwhile, high mortgage rates are continuing to deter homeowners from listing, pushing inventory to record lows.
“Many homeowners are still opting not to sell and give up historically low mortgage rates. But those who do have been rewarded with bidding wars as buyers compete for limited options,” said Zillow senior economist Jeff Tucker. “Spring is traditionally the hottest time of year in the housing market, and 2023 has been no exception. Time will tell if seasonal price slowdowns arrive on time this year, later in summer.”
Typical U.S. home values grew by 1.4% from April to May, the strongest monthly appreciation since last June. That’s a few degrees cooler than the previous two springs, but hotter than in 2018 or 2019. The typical home value is $346,856 — up 0.9% over last May and up 3.4% from a recent low in January.
A new loan on a home priced at the typical value in the U.S. would feature monthly mortgage payments just shy of $1,800. That monthly payment is 22% higher than last year, double that of May 2019, and the second highest on record after October 2022.
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Banking Transformation Summit | 19-20th May | Tobacco Dock, London
The banking industry is no longer at a crossroads; it is in the midst of a total architectural shift. As Generative AI moves from boardroom buzzword to operational reality and "Agentic Banking" begins to redefine customer engagement, the need for a collaborative roadmap has never been greater.
ComplyAdvantage: Why Compliance Still Needs the Human Touch
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ING: Turning AI Pilots Into Production
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Volante Technologies: Why Banks Need Partners, Not Vendors
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Akbank Goes Live on Mambu Core in Germany
Akbank AG has gone live with a new core banking platform from Dutch core banking vendor Mambu and completed a parallel rebuild of its data warehouse and reporting capabilities, according to separate LinkedIn posts from project leads.
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