There is no age requirement to buy a home. If you can afford it, you can do it. But while you can buy a home at any age, factors such as cost of living, affordability, the inventory of available homes, and demographics influence at what age people actually do. That’s the basis of a new study from the National Association of Realtors. The study looked at the median age of home buyers in different parts of the country to determine which had the oldest and youngest home buyers. The youngest buyers were found in the … [Read more...]

After a contract to buy a home is signed, the sale is considered pending until it closes several weeks later. That’s why pending home sales are considered a good indicator of future home sales. It’s also why the National Association of Realtors tracks them from month to month. Since the vast majority of signed contracts lead to final sales, measuring pending sales offers a peek at where home sales are heading. According to the NAR’s most recent Pending Home Sales Index, the market is heading upward. In fact, … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates moved lower last week from the week before. Rates were down for 30-year fixed-rate loans with conforming balances, loans backed by the Federal Housing Administration, 15-year fixed-rate loans, and 5/1 ARMs. But while rates dipped, the improvement wasn’t enough to boost demand for mortgage applications, which were mostly flat from one week earlier. Joel Kan, MBA’s vice president and deputy chief economist, says the … [Read more...]

Each month, Fannie Mae’s Economic and Strategic Research Group releases an outlook covering what they see ahead for the housing market and overall economy. In March, the group says they expect the housing market will continue to thaw after a slow 2023. Home sales will trend higher and so will the number of available listings. The group sees affordability constraints continuing, though, with mortgage rates remaining elevated due to inflation and a strong job market. “Hotter-than-expected inflation data and strong … [Read more...]

New home sales typically account for just 10 percent of total home sales. But with the inventory of available older homes still lower than normal, the new home market has become more active. In fact, according to new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development, sales of newly built single-family homes are now 5.9 percent higher than they were at the same time last year. The improvement comes at a time when home builders are expressing rising confidence in the market and … [Read more...]

Spring has arrived and so has home selling season, which means now’s the time to start getting your house ready if you’re hoping to get it on the market at the hottest time of the year. According to a new analysis from the National Association of Realtors’ consumer website, mid-April is the time of year when sellers see the most buyers and the fastest sales. The same analysis found most homeowners need at least a month to get their house ready to show. That makes now the perfect time to get started. Danielle Hale, … [Read more...]

Sales of previously owned homes rose 9.5 percent in February, according to new numbers from the National Association of Realtors. The improvement was the largest month-over-month gain since February 2023 and included increases in the West, South, and Midwest. The Northeast was unchanged from the previous month. Lawrence Yun, NAR’s chief economist, says the growing inventory of homes for sale is helping push sales higher. “Additional housing supply is helping to satisfy market demand,” Yun said. “Housing demand has … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates moved higher last week from one week earlier. Rates were up across most loan categories including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. The increase led to a 1 percent drop in the number of borrowers seeking loans to buy homes. Joel Kan, MBA’s vice president and deputy chief economist, says demand for loans … [Read more...]

The market for newly built homes continues to benefit from the lack of older homes available for sale. Existing home inventory is lower than normal and buyers are increasingly looking at new construction as an alternative. This has been good for the new home market. It’s also led to a spike in construction activity. In fact, according to newly released numbers from the U.S. Census Bureau and the Department of Housing and Urban Development, the number of new homes that began construction in February was 10.7 percent … [Read more...]

Home builders can be a pretty good gauge of where the housing market is headed. Because their business depends on knowing where and when buyers are looking to purchase a home, they’re generally good at reading market dynamics. That’s why the National Association of Home Builders keeps a monthly measure of builder confidence. If builders are optimistic and building more homes, it’s likely the overall market is in good shape. The NAHB’s Housing Market Index measures builder confidence on a scale where any number … [Read more...]