Buying a house has gotten more challenging over the past few years. Mortgage rates moved higher and made affordability a bigger factor for home buyers. In fact, for nearly three years, affordability trends have been worsening. But according to ATTOM Data Solutions’ fourth-quarter 2023 U.S. Home Affordability Report, that trend has recently halted. Rob Barber, ATTOM’s CEO, says that’s good news. “The good news is that home affordability has stopped getting tougher around the U.S., at least for the moment,” Barber … [Read more...]

The S&P Case-Shiller Home Price Index is considered among the leading measures of U.S. home prices. It has been collecting home price data for more than 30 years and covers all nine census regions. According to its most recent release, the index shows a year-over-year price gain of 4.8 percent, up from the previous month, when prices rose 4 percent. But while the index shows an accelerating price trend, it’s based on data through October, when conditions were slightly different than they are now. Brian Luke, … [Read more...]

New home sales numbers tend to be volatile. Big increases and big declines aren’t uncommon. Revisions aren’t either. So the most recent numbers from the U.S. Census Bureau and the Department of Housing and Urban Development probably aren’t cause for too much concern. According to the data, sales fell 12.2 percent in November. That’s a significant decrease but there are a few factors that played an obvious role. One of them is mortgage rates. Rates hit highs in October and only began to ease during the month of … [Read more...]

The most recent outlook from Fannie Mae’s Economic and Strategic Research Group has good news for potential home buyers. Released monthly, the group’s outlook covers what they think is ahead for the overall economy and housing market. In December, the group sees change ahead for 2024. In fact, the outlook says the housing market will begin to recover, albeit slowly. Doug Duncan, Fannie Mae’s senior vice president and chief economist, says they expect more home sales next year but believe the rebound will be a … [Read more...]

Sales of previously owned homes rose for the first time in five months, according to the latest numbers from the National Association of Realtors. The 0.8 percent increase was led by gains in the Midwest and South. Lawrence Yun, NAR’s chief economist, says more improvement can be expected, especially with mortgage rates trending downward. “The latest weakness in existing home sales still reflects the buyer bidding process in most of October when mortgage rates were at a two-decade high before the actual closings in … [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, 15-year fixed-rate loans, and 5/1 ARMs. Mike Fratantoni, MBA’s senior vice president and chief economist, says rates are now lower than they’ve been since June. “With the positive news about the drop in inflation, and the FOMC … [Read more...]

Whether you’re shopping for a new home or not, the number of new homes being built should matter to you as a home buyer – especially at a time when the inventory of homes for sale is low. That’s because new home construction is the fastest way to add to the supply of available homes for sale, and more homes for sale means less competition among buyers and fewer price spikes. In other words, new home construction can ease affordability conditions for all buyers, even ones shopping for an older home. That’s why the … [Read more...]

Home builders have a unique perspective on the housing market. After all, to be successful, they have to know what buyers are looking for, when they’re looking, and where they want to live. Because of this they can be an excellent gauge of the health of the housing market. That’s why the National Association of Home Builders takes a monthly measure of builder confidence. Its Housing Market Index surveys builders and scores their responses on a scale where any number above 50 indicates more builders view conditions … [Read more...]

The number of homes for sale is beginning to show signs of improvement – even as we approach the time of year when things begin to slow down. That’s good news for buyers who have been faced with a lower-than-normal number of listings over the past few years. Put simply, as the number of available homes rebounds, home buyers will see less competition, fewer bidding wars, and slower price growth. So what do the numbers look like? Well, according to a new report from the National Association of Realtors’ consumer … [Read more...]

Home prices continued to rise in 2023. In fact, according to a panel of housing market experts surveyed by Fannie Mae, home price growth is expected to come in just under 6 percent for the year. That’s lower than the double-digit increases seen during the pandemic but still surprisingly steady. Doug Duncan, Fannie Mae’s senior vice president and chief economist, says higher rates were expected to slow prices more than they did. “Some, including us, had expected the rapid and significant rise in mortgage rates in … [Read more...]