OUTSTANDING 1ST MORTGAGE BALANCES
FOR U.S. CREDIT UNIONS | DATA AS OF 06.30.23
© Callahan & Associates | CreditUnions.com
- After peaking in 2022, the average sales price nationwide dropped to $495,100 at midyear 2023, according to the Louis Fed. That’s 6.1% lower than one year ago but still 32.2% higher than before the pandemic housing boom began in 2020.
- At $362,800, average first mortgage balances were highest for credit unions in California. Credit unions in Washington, DC, and Hawaii followed with average first mortgage balances of $345,500 and $278,900, respectively. According to online real estate company Redfin, Hawaii and California also have the two highest median home prices in the country; DC comes in at No. 5. The Midwest is considered the most affordable area of the United States.
- Home values are high, but that hasn’t stopped credit union members from staying on top of payments. California credit unions reported a first mortgage delinquency rate of just 0.20%. Credit unions in only three states reported first mortgage delinquency higher than 1.0%. Alaska reported the highest, at 1.69%.
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