It is more expensive now to buy a home than any time in the last 33 years.
THE FORECAST FOR THE ENTIRE WEEKEND. COMING UP. >> THANKS, AMY. IT IS MORE EXPENSIVE NOW. BUY A HOME THAN ANY TIME IN THE LAST 33 YEARS. THAT’S ACCORDING TO A NEW REPORT FROM THE NATIONAL ASSOCIATION OF REALTORS HERE IN THE TRIANGLE HOME AFFORDABILITY IS DOWN. 34% FROM A YEAR AGO. WRL’S MATT TALHELM IS LIVE IN RALEIGH TO EXPLAIN WHAT’S CAUSING THE COSTS TO GO UP. EVEN AS THE MARKET COOLS OFF JUST A LITTLE BIT THAT. YET, JEFF, YOU KNOW, HOME VALUES HERE IN THE TRIANGLE ARE ACTUALLY DOWN MONTH TO MONTH FROM JUNE TO JULY. >> A NEW ANALYSIS FROM ZILLOW FINDS THAT THOSE PRICES, THOSE VALUES ARE DOWN 2 AND A HALF PERCENT MONTH TO MONTH. SO YOU THINK, HEY, IT’S GOING TO BE CHEAPER TO BUY ONE OF THESE HOUSES FOR SALE. BUT THAT’S NOT THE CASE. THAT’S BECAUSE THE COST TO BORROW MONEY IS GOING UP. THOSE HIGHER MORTGAGE RATES. WE TOLD YOU ABOUT HOME PRICES ARE ALSO STILL UP MORE THAN 60% FROM A YEAR AGO. ZILLOW SENIOR ECONOMIST JEFF TUCKER TELLS WRAL TECH WIRE TEAM THAT THE MORTGAGE COSTS ON A MEDIAN PRICED HOME HERE IN THE TRIANGLE IS NOW 80% MORE TODAY THAN IT WAS A YEAR AGO. >> TILLIS HAS THE TYPICAL MORTGAGE IS NOW $2,569 A MONTH HERE. THE FIERCEST COMPETITION IS FOR THE HOMES THAT ARE IN THE LOWER PRICE POINT, TUCKER SAYS THAT’S BECAUSE BUYERS ARE ACTUALLY DIALING BACK. MAYBE THEY WERE GOING TO BUY A HIGHER PRICED HOME. THEY’RE DIALING IT BACK TO WHAT THEY CAN AFFORD NOW WITH THOSE HIGHER MORTGAGE RATES. >> AND WHAT WE’VE ALREADY BEGUN TO SEE AS THAT HOME SALES ARE SLOWING DOWN MORE. SO JUST THAT THE VOLUME OF TRANSACTIONS, WE OBSERVE IS FALLING FASTER IN KIND OF THE HIGHER PRICED TEARS IN THE RALEIGH AREA. >> ZILLOW ACTUALLY FOUND NEARLY 20% OF LISTINGS IN THE TRIANGLE TOOK A PRICE CUT IN JULY. NOW YOU CAN RE TO REPORTS ABOUT HOME AFFORDABILITY RIGHT NOW ON WRAL TECH WIRE EVERY FRIDAY, THE TECH WIRE TEAM IS ACTUALLY POSTING NEW STORIES TAKING A DEEPER DIVE INTO THE TRIANGLE’S HOUSING MARKET, ESPECIALLY AS WE START TO SEE THOSE PRICES COOL OFF A BIT HERE, JEFF. >> AND THAT IS AN INTERESTING SCENARIO EXPLAINED. WELL, THANK
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