Home prices jumped 20.6% in March.
The housing market continues to run red hot as home prices jumped 20.6% in March since last year, according to the latest S&P CoreLogic Case-Shiller Home Price Index report out this morning. That's up from February's 20% year-over-year increase. While the average mortgage rate on 30-year fixed loans rose to over 4% by the end of March, it did not temper rising home prices. In a different report on home prices, also out today, the Federal Housing Finance Agency found that in the first quarter of the year, home prices jumped 18.7% from the same period last year, and increased 4.6% since the fourth quarter of 2021. Many interested homebuyers are now forced into the position of not only taking on a more expensive mortgage due to higher rates, but they're also paying more due to higher prices.
But it still remains unclear how long the housing market will continue to run this hot. As mortgage rates rise, and the Federal Reserve plans more interest rate hikes in June, homebuyers could get some relief if home prices start to decline.
- Kristin |
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For house hunters waiting for the pendulum to swing in the housing market, here's a bit of welcome news: Sellers are now dropping their price as often as they were before the pandemic. As the chart below shows, 19.1% of homes for sale were reduced in price at some point in the past four weeks, the most for any four-week period since October 2019, according to data from real estate company Redfin. |
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Americans are quitting therapy due to higher prices.
ICYMI: Americans Are Quitting Therapy Due to Higher Prices |
In case you missed it, Americans are giving up therapy as inflation makes things more expensive, a new Verywell Mind survey has found. Nearly half of U.S. adults said they are worried about the long-term affordability of therapy, and reported they will have to discontinue seeing their therapists if out-of-pocket costs increase even more. Nearly two-thirds said they pay an average of $178 per month for out-of-pocket costs for therapy, with one-third of those surveyed reporting they have already canceled sessions and 39% saying they go to therapy less often because they can no longer afford the out-of-pocket costs not covered by insurance. Survey respondents pointed to changes in insurance coverage, expiration of employee assistance benefits, and the expense of therapy sessions as the top cost-related barriers that caused them to quit therapy. Transportation was another top out-of-pocket expense for the 48% of respondents who drive themselves to therapy. They said they pay an average $164 per month on gas—a price that is even costlier now that gas prices are over $4 a gallon across the country. One way to lower your therapy bill is to look for therapists that offer sliding scale fees, which are fees based on your income and financial situation. The survey found that only a little over half of respondents were aware of sliding scale fees. Quitting therapy is an unfortunate reality for many U.S. adults, as 80% said they believe therapy is a good investment. They said seeking care for their mental health was hindered by financial barriers. - Kristin |
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