December is the time of year when housing market experts release their forecasts predicting what they believe will happen in the year ahead. So far, market experts have generally been optimistic about conditions in 2024. And, according to one newly released forecast, one of the top reasons for their increased optimism is the likelihood that the inventory of homes for sale will improve. Why does that matter? Well, too few homes for sale has been a big frustration for today’s home buyers. Not only has it led to more … [Read more...]

When a contract to buy a home is signed, that home's sale is considered pending until it closes weeks later. The National Association of Realtors tracks pending sales because they're considered a good indicator of future home sales numbers. After all, most contract signings will eventually lead to a closed sale. The NAR's most recent Pending Home Sales Index found signings down 1.5 percent in October from the month before. Lawrence Yun, the group's chief economist, says low supply is slowing signings. “Home sales … [Read more...]

Finding a home that fits your needs wouldn’t be difficult if money wasn’t a factor. But since most of us have to consider our budget before buying, finding a home can sometimes be challenging – especially in a housing market where costs are rising. That’s been the case for most of the past two years, as mortgage rates and home prices both continued to climb. So what’s in store for 2024? Well, according to the National Association of Realtors’ consumer website, affordability should start to improve next year, giving … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell last week from one week earlier. It was the fourth decline in five weeks. Rates fell across most loan categories, including 30-year fixed-rate loans with conforming balances, loans backed by the Federal Housing Administration, 5/1 ARMs and 15-year fixed-rate loans. Joel Kan, MBA’s vice president and deputy chief economist, says rates are now at a 10-week low. “Mortgage rates decreased for the fourth time in five … [Read more...]

Fannie Mae’s Economic and Strategic Research Group releases a monthly outlook covering what the group believes is ahead for the economy and housing market. According to their most recent forecast, they see some improvement ahead for home buyers. In fact, the ESR group says they believe home sales will bottom out early next year before starting to climb again. The reason behind the rebound? Lower mortgage rates. “Housing has been and continues to be under serious affordability pressure, resulting in … [Read more...]

The S&P Case-Shiller Indices are considered among the leading measures of U.S. home prices. The indices cover all nine census divisions and have been keeping records for more than 30 years. According to their most recent release, S&P remains optimistic about home values. Results show prices have continued to rise since bottoming out in January. In fact, Craig J. Lazzara, managing director at S&P, says home prices have outpaced the typical annual increase. “On a year-to-date basis, the National Composite … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell to a two-month low last week. Rates were down from the week before for 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. Joel Kan, MBA's vice president and deputy chief economist, says economic data influenced the decline. “U.S. bond yields continued to move lower as incoming data signaled a softer economy and more … [Read more...]

Sales of previously owned homes fell 4.1 percent in October from one month earlier, according to new numbers from the National Association of Realtors. The decline came amid rising mortgage rates, low for-sale inventory, and seasonal trends which typically slow sales after the hot summer market begins to cool. But while home sales were slower in October, Lawrence Yun, NAR’s chief economist, says conditions may improve in the months ahead. “Fortunately, mortgage rates have fallen for the third straight week, … [Read more...]

We all know location matters when buying a home. Everything from prices to the amount of competition you face will be different from one zip code to the next. Proof of this can be found in a study of the country’s most affluent areas. The analysis looked at the 100 most exclusive zip codes across the country and found the market for high-end homes is still running hot, even as the housing market overall seems to be cooling. For example, in 23 of the most expensive markets, more than half of properties sold were … [Read more...]

The National Association of Home Builders keeps a monthly measure of how builders view the market for newly built homes. Its Housing Market Index is based on a survey which scores builders’ answers on a scale where any number above 50 indicates more builders view conditions as good than poor. In November, the index fell six points to 34, as rising mortgage rates dampened builder confidence. But Robert Dietz, NAHB’s chief economist, says there are signs that conditions may soon improve. “While builder sentiment was … [Read more...]