According to the Mortgage Bankers Association’s Weekly Applications Survey, demand for loans to buy homes fell 2 percent last week from one week earlier. The decline follows a 2 percent increase the week before and puts purchase loan demand 27 percent lower than it was last year at the same time. Joel Kan, MBA’s vice president and deputy chief economist, says elevated rates and low inventory are holding buyers back. “Overall applications declined, as both prospective home buyers and homeowners continue to feel the … [Read more...]

The S&P Case-Shiller Home Price Index is among the most closely watched measures of U.S. home prices. The index covers all nine census divisions and has been collecting data for nearly 30 years. According to the most recent release, home prices are climbing and have now made up for the declines that began last summer. Craig J. Lazzara, managing director at S&P, says the rebound has been broad based. “We have previously noted that home prices peaked in June 2022 and fell through January 2023, declining 5 … [Read more...]

National housing market trends can give you an idea where things are heading generally but every local market has its own dynamic. That means, conditions will vary somewhat from one region to the next, between states, and even within metro areas. Proof of this can be found in ATTOM Data Solutions’ Special Housing Impact Report. The report looked at counties across the country to determine which were strongest and which were most vulnerable according to things like affordability, underwater mortgages, foreclosures, … [Read more...]

The new home market was hot this summer. A lack of available existing homes led more buyers to explore purchasing a new house, which supported both sales and home building activity. In August, though, things slowed. In fact, the number of new homes that began construction fell sharply, according to newly released numbers from the U.S. Census Bureau and the Department of Housing and Urban Development. Mostly, the decline was due to a drop in multi-family construction, though single-family home building also saw a … [Read more...]

Housing market conditions have changed drastically over the past couple of years but some things have remained constant. The pace of home sales, for example. The vast majority of homes for sale are still selling in less than a month. In fact, according to new numbers from the National Association of Realtors, 72 percent of homes sold in August were on the market less than 30 days, with the typical home selling in 20 days. That’s slower than last year but only by a few days. The reason? The inventory of homes for … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, demand for mortgage applications rose 5.4 percent last week from one week earlier. The improvement included a 13 percent increase in refinance activity and a 2 percent gain in demand for loans to buy homes. Joel Kan, MBA’s vice president and deputy chief economist, says challenging conditions have kept demand below last year’s level. “Purchase applications increased for conventional and FHA loans over the week but remained 26 percent lower … [Read more...]

Fannie Mae’s Economic and Strategic Research Group sees little change ahead for the housing market, according to its most recent monthly forecast. The group’s September release says they believe the economy will slow as we head into early 2024 but they see little downside risk to home sales due to continued demand from buyers. In today’s market, home sales are being driven more by life events than discretionary factors, the group says. That means demand should remain steady and – with the ongoing shortage of … [Read more...]

The National Association of Home Builders’ monthly Housing Market Index is based on a survey of builders. The survey asks builders for their perception of the current market for newly built, single-family homes and scores their responses on a scale where any number over 50 indicates more builders view conditions as good than poor. In September, the index fell below 50 for the first time in five months, dropping to 45. Robert Dietz, NAHB’s chief economist, says mortgage rates have slowed buyers. “High mortgage rates … [Read more...]

Affordability is always a top factor for potential buyers when deciding whether or not it’s time to buy a house. After all, you have to know what you can and can’t afford before you head out to buy. That’s certainly true in today’s market. With mortgage rates and home prices up, it’s as important as ever for buyers to be aware of market conditions and what options they have. But while cost is always a factor, it’s not the number one thing currently giving buyers pause, according to a new survey from the National … [Read more...]

Access to credit isn’t fixed. There are times when it’s easier for a borrower to get approved for a loan and times when it’s more difficult. That’s why the Mortgage Bankers Association keeps a monthly measure of mortgage credit availability. Its Mortgage Credit Availability Index measures whether or not lending standards are loosening or tightening. If the index increases, it means standards have loosened, making it easier for borrowers to secure financing. If it decreases, standards have tightened and borrowers … [Read more...]