The number of signed contracts to buy homes fell in July, dropping 1.8 percent from the month before according to new numbers from the National Association of Realtors. The decline comes at a time when the housing market is beginning to cool after a fast-paced spring and early summer. In short, the number of homes for sale has improved and the number of buyers has started to slow. But while the market is calmer, Lawrence Yun, NAR's chief economist, says buyer interest is still outpacing supply and that means … [Read more...]

For a prospective home buyer, the more homes there are for sale the better. After all, more available homes means more choices and a better chance at finding the one that meets your needs. Lately, though, inventory has been an issue. A lower than normal number of homes for sale has led to price spikes, more competition, and bidding wars between buyers. Which means, any news of improved inventory is good news for home buyers. That's why recently released numbers from one online real-estate portal are encouraging. … [Read more...]

Rents recently hit new highs in 40 of the 50 largest U.S. cities, according to a new analysis from the National Association of Realtors' consumer website. The report found that, nationally, rents were up almost 10 percent over where they were last year at the same time. But while the news comes at a time when home prices have also been on the rise, historically low mortgage rates have helped counter the effect of recent home-price increases. So much so, that Danielle Hale, the website's chief economist, says buying … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell last week from one week earlier. 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, and 15-year fixed-rate loans. Joel Kan, MBA's associate vice president of economic and industry forecasting, said rising coronavirus cases were a factor. “Treasury yields fell last week, as investors continue to … [Read more...]

New numbers from the U.S. Census Bureau and the Department of Housing and Urban Development show new home sales up 1 percent in July. The modest gain follows an unexpected drop in June, when sales fell 6.6 percent from the month before. But while rebounding sales are an encouraging sign for the housing market, they come at a time when affordability challenges are making it more difficult for buyers. For example, the median sales price of new homes sold in July was $390,500. The average sales price was $446,000. … [Read more...]

If you're a prospective home buyer, the latest existing-home sales data from the National Association of Realtors is a mixed bag. On the one hand, the number of homes for sale was up 7.3 percent in July from the month before. That's a much needed improvement, since the lack of homes for sale has been driving home prices higher and fueling competition among buyers. But while inventory has improved, it's still much lower than normal. And, in July, 89 percent of homes sold were on the market for less than a month. … [Read more...]

New technology always take a while before it catches on. People need to warm up to the idea and make sure it can deliver as promised. That's certainly true of 3D printed homes. At this point, most of us have heard about them but few of us have seen or stepped inside one. According to a new survey from the National Association of Realtors, however, that doesn't mean home buyers aren't curious. In fact, results show 66 percent of respondents said they'd consider buying a 3D printed home, with 75 percent of … [Read more...]

Each month, Fannie Mae's Economic and Strategic Research Group releases a forecast detailing their expectations for the housing market and overall economy. In August, their outlook for single-family home sales was revised downward due to ongoing inventory and supply-chain issues. But while they now expect fewer homes to sell than they previously did, they still expect sales to improve from last year. In fact, they expect a 3.1 percent improvement from 2020. Mark Palim, Fannie Mae's vice president and deputy chief … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates increased last week from one week earlier. Rates were up across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. The increases coincided with falling demand for mortgage loan applications. The refinance index was down 4 percent week-over-week and the purchase index was down 1 percent. Joel … [Read more...]

Sales of vacation homes started to surge soon after the pandemic began. With more Americans able to work remotely, demand for second homes skyrocketed. It makes sense. After all, a vacation home is only worth the expense if you're able to use it regularly. There's no need for the added financial burden if you're only able to be there one weekend a year. So, naturally, the flexibility of remote work led more of us to look for a getaway somewhere beautiful. So many of us, in fact, that second-home sales increased … [Read more...]