The National Association of Realtors' Pending Home Sales Index tracks the number of contracts to buy homes that are signed each month. The index is considered a good indicator of future home sales, since contract signings typically precede closings by several weeks. In May, pending home sales bounced back after declining in April. In fact, the number of contracts to buy rose 8 percent from the previous month and are now 13.1 percent higher than last year at the same time. The results marked the strongest reading … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, mortgage rates were volatile last week, with rates up for 30-year fixed-rate loans with conforming balances but down for jumbo loans, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. The volatility contributed to decreasing refinance and purchase activity, which both fell from one week earlier. Inventory was also a factor and likely played a role in pushing demand for loans to buy homes lower. Joel Kan, … [Read more...]

There are a lot of Americans looking to buy a home this year. In fact, there are far more home buyers active in the market than there are available homes for sale. That, of course, puts upward pressure on home prices. The latest S&P Case-Shiller Home Price Indices shows just how much. According to the data, which covers the 12 months through the end of April, home prices are up 14.6 percent from last year at the same time. Craig J. Lazzara, managing director and global head of index investment strategy at … [Read more...]

When people talk about the housing market being hot, they're generally talking about the competition for available homes. A “hot” market, in other words, is one where homes sell quickly and bidding wars are common. That's where we are today. Hopeful home buyers have to be quick, decisive, and prepared if they want to buy a home in this market. But while there's definitely an imbalance between supply and demand these days, there are signs that things may be improving. For example, according to one recent analysis, … [Read more...]

For generations, young Americans have included homeownership among their goals for the future. Its appeal has endured over the decades and through numerous bubbles, crashes, and recessions. Now, according to a new survey from the National Association of Realtors' consumer website, there's another generation of young Americans making plans to buy in the near future. The recently released survey of 18-to-25 year olds found that nearly three-quarters of respondents said they'd prefer to buy rather than rent over the … [Read more...]

The lack of previously owned homes for sale is an opportunity for home builders. There are, after all, plenty of buyers. So, in a market with low inventory, a builder could be reasonably confident that the homes they built would be purchased, and quickly. So why then do recently released numbers from the U.S. Census Bureau and the Department of Housing and Urban Development show new home sales falling? Well, part of the problem is the rising price of building materials. Costs have skyrocketed over the past year and … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, demand for mortgage applications rose 2.1 percent last week from the week before. Refinance activity was up 3 percent and the Purchase Index rose 1 percent. Joel Kan, MBA's associate vice president of economic and industry forecasting, says demand for loans to buy homes has been increasing lately. “Purchase application have regained an upward trend over the past few weeks,” Kan said. “Activity was slightly higher for the third straight … [Read more...]

Sales of previously owned homes fell less than one percent in May, according to new numbers from the National Association of Realtors. The month-over-month decline, though slight, was the fourth consecutive monthly decrease for existing-home sales. Lawrence Yun, NAR's chief economist, says the issues currently holding sales back are expected to improve in the months ahead. “Lack of inventory continues to be the overwhelming factor holding back home sales, but falling affordability is simply squeezing some … [Read more...]