Housing Market Showed Signs of Life in January

In January, home values dropped 0.1%. Thus leaving typical home value at $329,542, or 4.1% below the peak value set in July 2022.

According to Zillow, falling mortgage rates in the new year provided encouragement and incentive for buyers to return to the market in force: average 30-year mortgage interest rates had fallen from 6.44% to 6.10% over the month of January, helping to shrink some of the affordability challenges that deterred home shoppers throughout the second half of last year. The monthly cost of a 30-year mortgage to buy a home priced at the national ZHVI level, with a 20% down payment, stood at $1,595 in January, almost 10% less than the comparable cost at its peak in October ($1,764). 

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