New analysis by zoocasa compares today's homebuying experience to the last generation's in 1990. realestate realestatenews housingmarket
Today’s first-time homebuyers hear a myriad of stories about the ease at which the last generation was able to enter the real estate market.
Nationally, the average resale price increased 8% from 1990 to 1997 . Between January 2022 and January 2023, the national average sale price declined 18.3% to $612,204. While the age group is larger today, many have been sidelined by high prices, rising interest rates, and declining affordability. Instead,shows that the five-year fixed mortgage rate was around 14% in 1990. It dropped to about 7% in January 1994, but had risen back above 10% by July of that year.
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