"The annual decline in down payments is the result of less buyer competition in the third quarter," Jones says. "Easing demand and increasing inventory gave buyers more flexibility last quarter, which led to slightly lower down payments."
"These states have seen significant softening over the last year as waning demand and climbing inventory impact home prices and reduce competition," says Jones.
"Down payment dollar amounts fell in 21 states in the third quarter of 2024. The states that saw the biggest down payment declines include COVID-19 pandemic-era hot spots such as Texas and Florida."
"The five states with the biggest down payment declines were Florida, down 24% year over year, to $27,000; Texas, down 23.2%, to $14,400; Wyoming, down 22.3%, to $25,200; the District of Columbia, down 17.7%, to $81,300; and South Dakota, down 16.4%, to $31,400."
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