Dana Anderson

GREENSBORO, N.C. — A North Carolina A&T student has died from a hit-and-run crash on N. Elm Street and E. Friendly Avenue on April 13, according to the Greensboro Police Department.

Daily average mortgage rates jumped to their highest level since last November after last week’s disappointing inflation report. Persistently high home prices are exacerbating affordability challenges for buyers.

Luxury home prices in the first quarter rose 9% year over year, twice as fast as non-luxury prices. Sales of luxury homes rose 2%, compared to a 4% decline in sales for non-luxury homes. Luxury sales are outperforming partly because elevated mortgage rates aren’t a deterrent for many luxury buyers, as a record 47% of luxury homes were bought in cash at the start of 2024.

Many U.S. homeowners couldn’t afford to buy their home if they were to purchase it today because home prices have doubled over the last decade, and monthly housing costs are at an all-time high due to elevated mortgage rates.

The median U.S. home price rose 5.2% year over year this week, and mortgage rates hit their highest level since November 2023. Prices continue to rise partly because there are still serious buyers searching for homes.

Inventory is below typical April levels, driving home prices up. Continually rising mortgage rates are further eroding affordability–and t his week’s Fed meeting confirmed that mortgage rates are likely to hold steady for the foreseeable future.

Roughly 1 in 5 new mortgages went to low-income homebuyers in 2023, down from 23% in 2020. Meanwhile, high-income buyers have gained share because they’re more prepared to weather the storm of high home prices and mortgage rates.

High home prices and rates sent home sellers and buyers to the sidelines in April and the start of May. But last week’s encouraging economic news brought mortgage rates down a bit, which could bring back prospective sellers and house hunters.

An early look at this year's data shows that demand for vacation homes hasn't picked up in 2024; interest in second-home mortgages has been sitting near an 8-year low all year.

Pending home sales are down and new listings are flat during a time of year when they typically rise. But this week’s softer-than-expected inflation report sent mortgage rates down, which could bring back some homebuyers and sellers.