The housing market has done pretty well in the year since the coronavirus' onset. Following an initial slowdown, home buyers bounced back in the months after the pandemic began. Then, the market benefited from record low mortgage rates and remote work – which helped fuel Americans' interest in making a move. As a result, buyer demand surged and stayed high through the end of 2020 and into 2021. But while most measures of the market show it now surpassing pre-pandemic levels, new listings are one that continues to … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates increased last week from the week before. In fact, 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. As a result, demand for refinance applications fell 5 percent from the week before. Demand for loans to buy homes, however, increased 7 percent. Joel Kan, MBA's associate … [Read more...]

Fannie Mae's Home Purchase Sentiment Index is a monthly survey that looks at how Americans feel about buying and selling homes in today's market. The survey asks participants for their opinions on home prices, mortgage rates, their personal financial situation, job security, etc. In February, the index was relatively flat. Results show fewer respondents said it was a good time to buy or sell a home than did the month before. There was also an increase in the number of respondents who said they believe home prices … [Read more...]

It'd be easy to get the impression that buying a house is becoming unaffordable. After all, home price increases only seemed to accelerate after last year's hot summer market. In fact, one recent report from the National Association of Realtors found that 88 percent of metro areas saw double-digit price gains during the fourth quarter of last year. But despite those price gains, the same report also found that the income required to afford a 30-year fixed-rate mortgage with a 20 percent down payment hadn't changed … [Read more...]

The coronavirus caused a shift in home buying preferences. Mitigation efforts led to more Americans working from home, which then caused buyers to look for houses in areas where they could get more space and privacy for their money. Naturally, that shift caused home prices in rural and suburban markets to begin growing at a faster rate - even outpacing prices in urban centers. But, according to one recent analysis, things may be changing. That's because, for the first time since the pandemic began, prices in cities … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, demand for loans to buy homes was 2 percent higher last week than it was the week before. It is now 1 percent higher than it was last year at the same time. But while a relatively modest increase isn't that noteworthy, who was behind it might be. That's because, the increase may be coming from first-time home buyers – who haven't been as active in the market the past few years. Joel Kan, MBA's associate vice president of economic and … [Read more...]

If you're trying to figure out whether or not you can afford something, you typically only have to consider its price. Buying a home, however, is a bit more complicated. When you buy a house, there are variables to consider beyond the list price. You have to take things like insurance and taxes into consideration as well. That's why, despite the fact that home prices have been rising lately, buying is still a good deal in many markets. How is that possible? Well, it's mostly due to mortgage rates. According to a … [Read more...]

Last year was a surprisingly good year for the housing market. Despite the coronavirus and its economic impact, residential real estate was hot. Buyer demand was high and homes for sale sold quickly. Still, there were plenty of people who delayed their plans to buy or sell a home because of the uncertainty caused by the pandemic. Whether or not they return to the market this year will play a big role in determining what conditions look like for prospective home buyers and sellers. According to one new survey, it … [Read more...]

When a home seller accepts an offer and a contract to buy is signed, that home's sale is considered pending until it closes weeks later. Because of the gap between contract signings and closings, pending sales can be a good indicator of future home sales. That's why the National Association of Realtors tracks them each month. In January, their Pending Home Sales Index hit an all-time high for the month, despite dropping almost 3 percent from December. Contract signings are now up 13 percent from last year at the … [Read more...]

Sales of newly built, single-family homes rose more than expected in January, according to new numbers released by the U.S. Census Bureau and the Department of Housing and Urban Development. Sales were up 4.3 percent from December's pace, which is significantly better than the 2.1 percent improvement economists expected. The combination of a lower-than-normal number of homes for sale and a higher-than-normal level of buyer demand has new-home sales booming this winter. In fact, they are 19.3 percent higher than … [Read more...]