How much house you can buy has a lot to do with where you're buying. A 1,500-square-foot home will have a much different price tag in New York than it would in St. Louis. But though this is obvious to most potential home buyers, we don't always have a choice in where we live. Whether it's a job or family and friends, we're often tied to the places we call home for reasons that go beyond affordability. However, for those of us who can leave town, where are the most popular cities to go? Well, according to one recent … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were mostly flat last week from the week before. In fact, rates for 30-year fixed-rate loans with both conforming and jumbo balances were unchanged from the previous week. Loans backed by the Federal Housing Administration and 15-year fixed-rate loans both saw little week-over-week movement. But though mortgage rates continue to be favorable, demand for loans to buy homes decreased. Joel Kan, MBA's associate vice … [Read more...]

For 17 consecutive months, pending home sales data showed contracts to buy homes were below year-before numbers. But after a 2.8 percent jump in June, they've finally broken the streak. In fact, according to the National Association of Realtors' Pending Home Sales Index – which measures the number of contracts to buy homes signed each month – they're now nearly 2 percent higher than last year. Lawrence Yun, NAR's chief economist, said favorable buying conditions have spurred a positive turn for home sales. “Job … [Read more...]

It is commonly assumed that homeownership isn't as popular among younger Americans as it was among previous generations. But recent data seems to tell a different story. For example, according to the most recent homeownership numbers from the U.S. Census Bureau, Americans under the age of 35 have the fastest growing homeownership rate of any age bracket. In fact, the data shows that – while Americans over the age of 65 still have the highest rate of homeownership – younger Americans saw their rate increase from … [Read more...]

It's said that real estate is all about location. And that's generally true. But it isn't the only thing that influences which way prices are headed and how quickly. Price range also makes a difference. For example, a recent analysis of current home prices found that homes in affordable price ranges were seeing annual increases much larger than more expensive homes. In fact, the most affordable third of homes sold in June saw year-over-year increases of 8.7 percent, while the most expensive third of homes only saw … [Read more...]

New homes only represent about 11 percent of all home sales. But, though they're a small slice of housing market activity, they do play an important role. That's because, when new homes are selling, builders build more houses. And, since adding new homes to the housing stock can help alleviate upward pressure on home prices, a healthy new home market can make buying conditions better for everyone. These days, though, the market faces some challenges. For example, the increasing cost of land and materials means … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell again last week. In fact, 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 decline follows an increase the previous week but continues an overall downward trend so far this year. Average rates are now 69 basis points lower than they were last year at the same … [Read more...]

When shopping for a house, you're limited to the homes that are on the market at the time you're looking. That means, though the home you're dreaming of may be out there, it also may be owned by a happy homeowner with no plans of selling. This is among the reasons why the number of homes for sale is so important. Not only does higher for-sale inventory keep prices in check, it also boosts buyers' chances of finding something that fits their wish list. In other words, the more homes there are for sale, the better it … [Read more...]

Buying a home is a commitment. Part of that commitment is financial; the other part is time. In other words, if you're buying a home, you're likely planning on staying there a while. But how long do buyers typically stay in the home they buy? Well, according to ATTOM Data Solutions' Q2 2019 U.S. Home Sales Report, homeownership tenure is increasing and recently reached a new peak. In fact, the average number of years home sellers lived in their home before selling hit 8.09 during the second quarter. That's up 3 … [Read more...]

If you're thinking about buying a house, you're probably focused on finding something that fits your lifestyle but doesn't blow a hole in your budget. In short, you want to find the best house for your money. In a market where there are too few homes for sale, though, this can be difficult. That's because a lack of homes for sale means more competition, bidding wars, and fewer choices. Fortunately, though many markets are suffering from a lack of inventory, Fannie Mae's Economic and Strategic Research Group sees … [Read more...]