How many homes there are available for sale affects both home buyers and sellers. For buyers, climbing inventory is good news and means price increases and competition should begin to slow. For sellers, more homes for sale could mean having to put in some extra effort to attract buyers and make your home stand out from the pack. These days, inventory is on the rise and – after falling to historic lows in recent years – that’s encouraging. It helps balance the market and evens out the highs and lows for both buyers … [Read more...]

The number of signed contracts to buy homes can be a good indicator of where home sales are headed. After all, there are several weeks between when a buyer’s offer is accepted and when the deal is closed. That means the number of contracts to buy homes signed in one month is a good indicator of where the next month’s sales numbers will fall. The National Association of Realtors tracks pending home sales for this reason. Its Pending Home Sales Index can provide a more current picture of sales activity. According to … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates moved higher last week from one week earlier. Increases were seen across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, 15-year fixed-rate loans, and 5/1 ARMs. It was the first time rates increased in four weeks. Joel Kan, MBA’s vice president and deputy chief economist, says borrowers have been sensitive to recent … [Read more...]

Each month, Fannie Mae’s Economic and Strategic Research Group releases an outlook detailing its expectations for the housing market and economy. According to its most recent forecast, the group foresees dampened housing activity through the end of the year, though they acknowledge the market’s direction is largely dependent on where mortgage rates head from here. “Our consumer survey suggests that households who are paying attention to the housing market continue to take a wait-and-see approach,” Doug Duncan, … [Read more...]

According to the U.S. Census Bureau and the Department of Housing and Urban Development, sales of newly built single-family homes fell in April. Sales were down 4.7 percent from the month before and were 7.7 percent lower than last year. The declines were caused, in part, by mortgage rates, which spiked in April after a relatively calm winter. But while affordability concerns slowed sales in most of the country, regional results showed uneven returns. For example, the Northeast saw sales plunge 20.9 percent from … [Read more...]

The number of previously owned homes sold in April fell 1.9 percent from the month before, according to new numbers from the National Association of Realtors. The monthly decline put sales about 2 percent lower than where they were last year at the same time. Lawrence Yun, NAR’s chief economist, says sales trends haven’t changed too much, except on the higher end of the market. “Home sales changed little overall, but the upper-end market is experiencing a sizable gain due to more supply coming onto the market,” Yun … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell for the third consecutive week last week. Rates were down across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, 15-year fixed-rate loans, and 5/1 ARMs. Joel Kan, MBA’s vice president and deputy chief economist, says falling rates haven’t yet helped demand for home purchase loans, which remain lower than last … [Read more...]

When we move, we tend to stay in the same general region. In fact, the median distance between the home buyers bought and the home they moved from was 20 miles last year, according to the National Association of Realtors. But while the typical buyer doesn’t stray that far from home, there are others who not only leave their area but also their state. There could be several reasons someone might make an interstate move, including a new job or to be closer to family. Whatever the reason, it’s always interesting to … [Read more...]

When you own a home you’re responsible for everything from the front lawn to the furnace. It’s your job to keep things maintained and running smoothly. In other words, it takes some work – or, at least, a list of trusted contractors. But while home maintenance is big part of homeownership, it’s a part that home buyers often overlook. In fact, according to one new survey, buying a home that requires too much maintenance is the most common regret of recent home buyers. Twenty-eight percent of survey respondents named … [Read more...]

The U.S. Census Bureau and the Department of Housing and Urban Development keep a monthly measure of new home construction. Their report tracks the number of new building permits pulled, the number of homes that began construction, and the number of homes that completed construction during the month. Together, the three components offer a glimpse of where new home construction is and where it may be headed. According to the most recent results, permits and starts were relatively flat from last year in April. … [Read more...]