Housing Market Update - March
🏠 As the interest rate starts to rise
Housing and mortgage markets begin to cool down
US: March existing home sales volume Y/Y -4.5%
Even though the median price Y/Y up 15% at $375,300
Northeast and Midwest saw prices falling from last summer’s peak.
Canada: March home sales volume Y/Y -16.3%
Housing Price Index (HPI) up 27.1% Y/Y
Greater Toronto Area saw prices falling from the Feb peak.
As a result, the mortgage activity slows down
Which has led to layoffs in the mortgage workforce
Wells Fargo is reported to lay off an undisclosed number of mortgage employees. The bank's mortgage origination volume was down 33% Y/Y in Q1.
Mortgage tech company Blend cuts 10% or 200 employees.
The infamous B e t t e r has cut 50% employees since Dec.