The S&P Case-Shiller Home Price Index is among the most closely followed measures of U.S. home prices. The index, released monthly, tracks all nine census divisions and has data going back almost 30 years. According to the most recent release, prices are still rising. In fact, they continue to move upward at a pace above the historical trend. Brian Luke, head of commodities, real & digital assets at S&P, says recent gains have been solid, especially considering mortgage rate increases. “Looking back at … [Read more...]

The National Association of Realtors’ Pending Home Sales Index tracks the number of contracts to buy homes signed each month. Because contract signings precede closings by several weeks, the index is considered a good predictor of future home sales numbers. In January, the index fell 4.9 percent month-over-month. Lawrence Yun, NAR’s chief economist, says Americans are sensitive to mortgage rate fluctuations and it may be impacting activity. “The job market is solid, and the country’s total wealth reached a record … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were little changed last week from one week earlier. Rates for 30-year fixed-rate loans with conforming balances, loans backed by the Federal Housing Administration, and 5/1 ARMs all saw slight decreases. Rates for jumbo loans and 15-year fixed-rate loans increased. But though rates were relatively flat, overall demand for mortgage applications still fell 5.6 percent week-over-week. Mike Fratantoni, MBA’s senior vice … [Read more...]

New home sales only account for about 14 percent of overall home sales. But these days, due to the shortage of previously owned homes available for sale, home buyer interest in the new home market continues to climb. In January, according to new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development, sales of new single-family homes rose 1.5 percent from the previous month and were about 2 percent higher than year-before levels. The improvement, though slight, comes at a time of … [Read more...]

Each month, Fannie Mae’s Economic and Strategic Research Group releases a forecast covering what they expect for the economy and housing market in the months ahead. In February, the group’s outlook is optimistic. In fact, according to their forecast, they expect housing activity to pick up as the year goes on, with lower mortgage rates and increased housing supply helping to make home buying more affordable. Doug Duncan, Fannie Mae’s senior vice president and chief economist, says it depends a lot on the economy. … [Read more...]

Whether or not you think now is a good time to buy a house may depend on your age. According to a newly released survey from the National Association of Realtors’ consumer website, there’a pretty sizable generational divide in today’s market. In fact, among surveyed Americans, 55 percent of Millennials and 40 percent of Gen Z respondents say they think now’s a good time to buy, where only 32 percent of Gen X and 17 percent of Baby Boomers said the same. Danielle Hale, the site’s chief economist, says Americans are … [Read more...]

There are few things more frustrating as a home buyer than losing a home to another buyer. Whether it’s due to a faster offer or a better one, losing your chance at a home you had your eye on can be deflating. That’s why new numbers from the National Association of Realtors may be good for hopeful home shoppers. According to the data, the typical home for sale in January was on the market about a week longer than in December. In fact, the typical property remained on the market 36 days during the month. That’s an … [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. Mike Fratantoni, MBA’s senior vice president and chief economist, says the increases led to a decline in mortgage application demand. “Mortgage applications … [Read more...]

There are too few existing homes available for sale. An ongoing issue for buyers – and the primary factor driving home price increases – the lack of for-sale inventory has led an increasing number of home buyers to consider the new home market as an alternative. Put simply, buyers who aren’t able to find an older home that fits their needs are looking at new homes for additional options. In fact, according to the latest numbers from the Mortgage Bankers Association, mortgage applications for new home purchases were … [Read more...]

Home prices are still rising. They’re increasing at a much slower pace than they were a few years ago but are above year-before levels in every region, according to new numbers from the National Association of Realtors. In fact, the median price for an existing home reached $391,700 at the end of 2023. That’s 3.5 percent higher than it was at the end of 2022. Lawrence Yun, NAR’s chief economist, says the number of homes for sale is expected to rise this year, which will help affordability and sales. “Sales were … [Read more...]