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  • Frank Tian

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.

Sources:


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