There are different types of competition. Some are more enjoyable than others. Competition on a golf course, for example, can be fun, while in the housing market, competition can cause buyers and their budgets stress. That's why a new report detailing how many homes for sale received multiple offers in October offers good and bad news. The good news is that the number of homes facing competition during the month fell slightly from the month before and is almost 3 percent lower than its peak in August. But while … [Read more...]

The monthly mortgage payment on the typical single-family home is now $1,059, according to new third-quarter data from the National Association of Realtors. Up $27 from last year, the increase comes as the NAR's most recent quarterly price report shows home prices up in every measured metro area. In fact, more than half of the included cities had double-digit increases and all four major regions were up year-over-year. Lawrence Yun, NAR's chief economist, says rising prices are going to affect affordability … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were down last week for 30-year fixed-rate mortgages with both conforming and jumbo balances. Loans backed by the Federal Housing Administration and 15-year fixed-rate loans were both unchanged from the week before. But despite rates still hovering near record lows, mortgage demand slowed from the week before. Joel Kan, MBA's associate vice president of economic and industry forecasting, says home buyer demand is … [Read more...]

Favorable mortgage rates have helped the housing market handle affordability challenges, low inventory, and the coronavirus. With record low rates counteracting continuing price increases, demand from home buyers has stayed strong and the market has been resilient. And fortunately, according to a recent forecast from Freddie Mac, low rates aren't going anywhere any time soon. “One of the main drivers of the strong housing recovery is historically low mortgage interest rates,” the forecast reads. “Given weakness in … [Read more...]

The share of Americans who say it's a good time to buy a home rose in October, according to a recent survey from Fannie Mae. The Home Purchase Sentiment Index – which measures Americans feelings about buying and selling homes, mortgage rates, prices, the job market, and their financial situation – found there was a 9 percent month-over-month gain in the number of respondents who say it's a good time to buy. Similarly, the share of participants who said it's a good time to sell a house also rose, climbing 6 percent … [Read more...]

Everybody knows about the economic damage the coronavirus pandemic has caused. But while the virus disrupted the overall economy, the housing market has showed remarkable resiliency. In fact, by most measures, it's outperforming year-before levels. One of those measures is homeowner equity. Homeowners gain equity when their home is worth more than what they owe on it. And, in 2020, it's been increasing. In fact, ATTOM Data Solutions' third quarter Home Equity & Underwater Report found that 16.7 million … [Read more...]

Shopping for a house is easier if there are more homes available for sale. After all, it's hard to find a place that checks off all the items on your wishlist when there are too few to choose from. That's why new data from the National Association of Realtors' consumer website is encouraging for fall home shoppers. According to the data, the number of newly listed homes has shown some improvement. And since overall for-sale inventory is down almost 40 percent from last year, that's good news. The numbers show new … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, the average mortgage rate for 30-year fixed-rate mortgages with conforming loan balances was virtually unchanged from the week before. However, rates for jumbo loans, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans were all down from the previous week. Joel Kan, MBA's associate vice president of economic and industry forecasting, says rates continue to hover near record lows. “Mortgage rates continue to … [Read more...]

If you're a homeowner thinking about selling your house, you're in luck. Today's market is good for selling and, according to new numbers from ATTOM Data Solutions, it only got better during the third quarter of this year. In fact, the report found that the typical home sale generated a gain of $85,000 for homeowners. That's up from $75,000 in the second quarter and $66,000 last year at the same time. The results mean the typical homeowner received a 38.6 percent return on investment compared to the price they paid … [Read more...]

There is a lot of real estate data devoted to tracking buyer demand. Reports covering home sales, contract signings, and builder confidence are all, in one way or another, measuring how many interested buyers are in the market. These reports are worth following, especially for anyone thinking of buying or selling a home. After all, having a general awareness of how many buyers there are can help prospective home shoppers know how much competition to expect when they start looking for a house. And, obviously, … [Read more...]