The number of contracts to buy homes rebounded in March, according to new numbers from the National Association of Realtors. Their Pending Home Sales Index – which measures signings, not closings – saw a 1.9 percent increase from the month before. It was the first improvement following two consecutive months of declines. Lawrence Yun, NAR's chief economist, says demand from buyers is high and will likely remain high. “The increase in pending sales transactions for the month of March is indicative of high housing … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell again last week. 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. The drop marks the third consecutive week rates have fallen. Joel Kan, MBA's associate vice president of economic and industry forecasting, says declining rates didn't keep demand for mortgage … [Read more...]

Many home buyers used the coronavirus as an excuse to get away from it all. After the pandemic's initial onset, interest in small towns and rural areas spiked, as more Americans looked to move somewhere where they could have more space for the same money. The increased interest in suburbs and exurbs pushed price growth in those areas and soon their prices were outpacing urban neighborhoods. But while the trend continued through the end of 2020, the beginning of this year brought a change. Home buyers were, once … [Read more...]

Today's market is a seller's market. But despite the best conditions in years, fewer homeowners are listing their homes for sale. That's led to a lower-than-normal number of existing homes available on the market. It's also led to surging new home sales. In fact, according to new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development, March saw a 20.7 percent increase over the previous month. That far exceeded economists' expectations and pushed sales almost 67 percent higher than … [Read more...]

The typical home sold in March was on the market for just 18 days, according to the National Association of Realtors' most recent existing-home sales report. That's down from 29 days last year at the same time. It's also a record low. Lawrence Yun, NAR's chief economist, says buyers remain active despite the market's fast pace this spring. “Consumers are facing much higher home prices, rising mortgage rates, and falling affordability, however, buyers are still actively in the market,” Yun said. “The sales for March … [Read more...]

In a normal year, homeowners who want to sell can strategize when the best time for them to list their home might be. For example, it's generally considered less optimal to put a home up for sale during the dead of winter or the holiday season. But with a pandemic and a lower-than-normal number of homes for sale, when's the best time for a homeowner to sell this year? Well, according to the National Association of Realtors' consumer website, the best time might be right now. “Unlike 2020 when COVID upended the … [Read more...]

When the coronavirus vaccines were first announced last fall, expectations for the economy began to grow. Economists predicted the economy would rebound as newly vaccinated Americans returned to activities restricted by the pandemic. Now, according to the most recent forecast from Fannie Mae's Economic and Strategic Research Group, the rebound has started. “The ramp-up we'd previously forecast for the economy is underway, as evidenced by, among other measures, increasing airline passenger reservations and … [Read more...]

If you've been shopping for a house in the past few weeks, you've likely already noticed that the spring housing market is off to a hot start. Typically the time of year when home buyers and sellers get active after a long winter, spring is always busy – but this year is different. Not only is it the first spring market following a year of coronavirus restrictions and mitigation efforts, but a lower-than-normal number of homes for sale has led to some record breaking numbers. For example, according to one recent … [Read more...]

Each month, the National Association of Home Builders conducts a survey to gauge how confident builders are in the market for new homes. Their answers are then scored on a scale where any number above 50 indicates more of them view conditions as good than poor. In April, the NAHB's Housing Market Index scored an 83. The results are an indication that builders are optimistic in the market, despite ongoing supply-side challenges like the skyrocketing price of lumber. Robert Dietz, NAHB's chief economist, said the … [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 mortgages with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. But despite decreasing rates, demand for mortgage applications fell as well. In fact, refinance activity was down 5 percent week-over-week and demand for loans to buy homes … [Read more...]