Home prices have been climbing for a long time. In fact, prices began increasing just a few years after the housing crash in 2008. But according to a new analysis from the American Enterprise Institute's Housing Center, the price boom that began over 10 years ago may have finally ended. The analysis found that home price appreciation was up 6.7 percent year-over-year in November. That's a smaller increase than in October when prices were up 8.6 percent year-over-year. It's also much lower than in March 2022 when … [Read more...]

A mortgage payment is a significant monthly expense. For most of us, it'll rank among our biggest bills. So it's no surprise affordability is always a top concern among prospective home buyers. Nobody wants to buy a home that's going to cause them financial strain, stress, and worry. That's why the most recent Purchase Applications Payment Index from the Mortgage Bankers Association is encouraging news. The index – which tracks the national median monthly payment – found payments down 1.8 percent in November, … [Read more...]

When a home seller accepts an offer to buy, the closing process begins. During the closing process – which typically takes a few weeks – the home's sale is considered pending. Pending home sales are a good indicator of future home sales, as most signed contracts lead to closed sales. Because of this, the National Association of Realtors tracks them each month. According to the most recent release, pending sales fell in November. Lawrence Yun, NAR's chief economist, says higher mortgage rates slowed activity, but a … [Read more...]

ATTOM Data Solutions' quarterly U.S. Home Affordability Report compares current conditions against historical averages in 581 counties across the country. The report determines affordability by calculating the amount of income an average wage earner would need to earn to comfortably afford homeownership expenses on a median-priced, single-family home. In the fourth quarter of 2022, affordability worsened. In fact, the report found typical homeownership expenses would require 32.3 percent of the average wage, that's … [Read more...]

Based on recent housing market headlines, you might assume Americans have put their home buying plans on hold. After all, the past few years have been volatile, with prices and demand skyrocketing before mortgage rates increased and slowed everything down. But while market numbers and trend graphs may have some Americans feeling hesitant, the majority of us remain sold on homeownership. In fact, in one recent survey, nearly 70 percent of respondents said they plan to buy a house or condo sometime in the next few … [Read more...]

The housing market has definitely slowed this year. But while the home buying frenzy of 2021 has passed, that doesn't mean good homes are sitting on the market unsold. In fact, the majority of homes sold in November were on the market less than a month, with the typical property on the market just 24 days – up from 18 days one year earlier. In other words, the still lower-than-normal number of homes for sale means good listings continue to sell relatively quickly, even as home sales overall have slowed. Lawrence … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell last week from the week before. 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. Mike Fratantoni, MBA's senior vice president and chief economist, says rates are now at a three-month low. “The Federal Reserve raised its short-term rate target last week, … [Read more...]

Traditionally, the end of the year is the time when prognosticator and forecasters release their predictions for the year ahead. Fannie Mae's Economic and Strategic Research Group is no different. The group's most recent release details what they believe awaits the economy and housing market in 2023. So what do they expect? Well, for starters, they've raised their expectations for home sales next year – though they still believe sales will fall from 2022. Among the reasons they think there will be fewer sales in … [Read more...]

Home builders are in the business of knowing what buyers want and when. Which is why the National Association of Home Builders' monthly Housing Market Index is a closely watched indicator of market health. The index is based on a survey where builders' responses are collected and scored on a scale where any number above 50 indicates more builders view conditions as good than poor. In December, the overall index fell for the 12th consecutive month. But while builders are clearly feeling the effects of high inflation … [Read more...]

There are a lot of ways to measure the health of the housing market. You can find stats and trends detailing everything from home sales to housing starts. Ultimately, though, potential buyers just want to know that the home they purchase won't hurt them financially or leave them stuck with a house they can't afford to leave. That's why this year's housing market has caused some anxiety. The market has slowed after a period of rising home values and elevated demand. The change has caused hesitation among Americans … [Read more...]