Each month, Fannie Mae surveys Americans and asks for their opinions on the housing market and economy. Participants weigh in on everything from mortgage rates and home prices to whether it’s a good time to buy or sell a home and how they feel about their job and financial situation. The resulting Home Purchase Sentiment Index then distills that information into a single number that reflects how Americans view housing market conditions. In December, the index fell 1.9 points to 73.1, which is lower than the … [Read more...]

Generally speaking, people want to live close to family, friends, and work, which is why most buyers choose a home relatively close to where they currently live. But there are many reasons somebody might have to move and sometimes they require traveling a greater distance – including to another state altogether. A recent analysis looked at people who left their home state to find out which states are most popular with long-distance movers. It found some established trends. For one, Americans are moving south. The … [Read more...]

The internet is likely the first place you’ll go when you decide to buy a home. It’s the quickest way to get a feel for your local housing market. It’s also a great way to find out your priorities. After all, the first terms you enter when you search for homes to buy are likely the ones that are most important to you. So, what are some common home shopper search queries? Well, according to a new analysis of search-term trends, last year’s most searched-for attributes were a combination of function and fantasy. … [Read more...]

According to the Mortgage Bankers Association’s Weekly Application Survey, demand for mortgage loan applications fell more than 20 percent last week from two weeks earlier. The decline, however, was no surprise. The end of the year is always slow. Mike Fratantoni, MBA’s senior vice president and chief economist, says this year’s holiday slowdown was aided by higher mortgage rates. “Mortgage rates moved higher through the last full week of 2024 …” Fratantoni said. “Not surprisingly, this increase in rates – at a … [Read more...]

Home prices have been fairly consistent lately. Though still increasing in most markets, prices have been climbing at an ever-slowing rate as the supply of homes for sale has grown. That continues to be the case, according to the latest results from the S&P Case-Shiller Home Price Indices. Considered to be among the leading measures of U.S. home prices, S&P’s index has been tracking home values for more than 30 years. Their latest release shows prices up 3.6 percent nationally from last year at the same … [Read more...]

The National Association of Realtors’ Pending Home Sales Index measures the number of contracts to buy homes signed each month. The index is considered a good indicator of future home sales, since contract signings typically precede closings by several weeks. According to the most recent release, the index found contract signings up 2.2 percent month-over-month in November, pushing pending sales activity nearly 7 percent higher than it was last year at the same time. The gains were widespread and included all … [Read more...]

The past two years have been hard for home buyers. A combination of volatile mortgage rates, high home prices, competition and bidding wars, made finding an affordable home a challenge. Fortunately, though, the new year looks like it will bring brighter days for buyers. The National Association of Realtors certainly thinks so. Lawrence Yun, NAR’s chief economist, says the worst is over. “Home buyers will have more success next year,” Yun said. “The worst of the affordability challenges are over as more inventory, … [Read more...]

In October, a mix of regional factors, higher mortgage rates, and extreme weather caused sales of newly built single-family homes to tumble. At the time, it was thought to be a temporary setback rather than the start of a downward trend. That now looks to be true. In fact, new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development show new home sales charged back in November, increasing 5.9 percent from October’s level and 8.7 percent from a year ago. The rebound helped reset the … [Read more...]

According to ATTOM Data Solutions’ fourth-quarter 2024 U.S. Home Affordability Report, median homeownership costs in 556 of 566 analyzed counties were less affordable than their historical average. After years of rising prices and elevated mortgage rates, that should come as no surprise. It also shouldn’t be surprising that the number of counties that are more expensive than they’ve been historically was virtually unchanged in the fourth quarter from the previous quarter, or even the previous year. Market … [Read more...]

Sales of previously owned homes rose nearly 5 percent in November, according to new numbers from the National Association of Realtors. The month-over-month improvement pushed home sales 6.1 percent higher than they were last year at the same time and matched the fastest sales pace since March. Lawrence Yun, NAR’s chief economist, says momentum is building. “Home sales momentum is building,” Yun said. “Existing homeowners are capitalizing on the collective $15 trillion rise in housing equity over the past four years … [Read more...]