Home shoppers focus their energy on the type of house they want and the features they’d like it to have. Things like the number of bedrooms, the size of the kitchen, and the available outdoor space are the first things they check when an interesting listing pops up. It makes sense. After all, too few bedrooms or a small kitchen can be a deal breaker. But while the layout of the house and the condition of the physical structure are obviously top considerations, there are other external factors that will also have an … [Read more...]

When you buy a home, you’re making an investment in the housing market. It may not be your primary reason for buying or your focus while living there, but it’s an investment nevertheless. The ups-and-downs of the market will affect your home’s value, how much equity you gain, and your options should you decide to move. In other words, market conditions should matter to you whether you’re a prospective home buyer or a current homeowner. So how’s the market doing? Well, according to a recent analysis of the total … [Read more...]

There are typically several weeks between when a contract to buy a home is signed and when the home’s sale closes. During this time, the sale is considered pending. Once it closes, that pending sale will become a final sale. That’s why the National Association of Realtors’ Pending Home Sales Index keeps track of contract signings each month. They’re considered a good future indicator of where home sales numbers are headed. According to the NAR’s most recent release, signings dipped in August. In fact, pending sales … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, demand for loans to buy homes fell 2 percent last week from one week earlier. The decline follows a 2 percent increase the week before and puts purchase loan demand 27 percent lower than it was last year at the same time. Joel Kan, MBA’s vice president and deputy chief economist, says elevated rates and low inventory are holding buyers back. “Overall applications declined, as both prospective home buyers and homeowners continue to feel the … [Read more...]

The S&P Case-Shiller Home Price Index is among the most closely watched measures of U.S. home prices. The index covers all nine census divisions and has been collecting data for nearly 30 years. According to the most recent release, home prices are climbing and have now made up for the declines that began last summer. Craig J. Lazzara, managing director at S&P, says the rebound has been broad based. “We have previously noted that home prices peaked in June 2022 and fell through January 2023, declining 5 … [Read more...]

National housing market trends can give you an idea where things are heading generally but every local market has its own dynamic. That means, conditions will vary somewhat from one region to the next, between states, and even within metro areas. Proof of this can be found in ATTOM Data Solutions’ Special Housing Impact Report. The report looked at counties across the country to determine which were strongest and which were most vulnerable according to things like affordability, underwater mortgages, foreclosures, … [Read more...]

The new home market was hot this summer. A lack of available existing homes led more buyers to explore purchasing a new house, which supported both sales and home building activity. In August, though, things slowed. In fact, the number of new homes that began construction fell sharply, according to newly released numbers from the U.S. Census Bureau and the Department of Housing and Urban Development. Mostly, the decline was due to a drop in multi-family construction, though single-family home building also saw a … [Read more...]

Housing market conditions have changed drastically over the past couple of years but some things have remained constant. The pace of home sales, for example. The vast majority of homes for sale are still selling in less than a month. In fact, according to new numbers from the National Association of Realtors, 72 percent of homes sold in August were on the market less than 30 days, with the typical home selling in 20 days. That’s slower than last year but only by a few days. The reason? The inventory of homes for … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, demand for mortgage applications rose 5.4 percent last week from one week earlier. The improvement included a 13 percent increase in refinance activity and a 2 percent gain in demand for loans to buy homes. Joel Kan, MBA’s vice president and deputy chief economist, says challenging conditions have kept demand below last year’s level. “Purchase applications increased for conventional and FHA loans over the week but remained 26 percent lower … [Read more...]

Fannie Mae’s Economic and Strategic Research Group sees little change ahead for the housing market, according to its most recent monthly forecast. The group’s September release says they believe the economy will slow as we head into early 2024 but they see little downside risk to home sales due to continued demand from buyers. In today’s market, home sales are being driven more by life events than discretionary factors, the group says. That means demand should remain steady and – with the ongoing shortage of … [Read more...]