Sales of previously owned homes fell 5.9 percent in July, according to new numbers from the National Association of Realtors. The decline continues a downward trend that began earlier this year, when mortgage rates increased after years of hovering just above, or at, record lows. Lawrence Yun, NAR's chief economist, says sales have fallen but that doesn't necessarily mean prices have. “We're witnessing a housing recession in terms of declining home sales and home building,” Yun said. “However, it's not a recession … [Read more...]

Buying a house means setting priorities. More than likely, you won't find one that checks off every single item on your wish list. So you're going to have to prioritize and choose which features are most important to you and which you can live without. You're also going to have to compromise. According to one recent survey, most home buyers do. In fact, the survey found 80 percent of recent home buyers said they had to compromise on their priorities. That means giving up something that made their wish list and … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates for 30-year fixed-rate mortgages with conforming loan balances fell last week from the week before. The drop came during a week where rates for FHA, jumbo loans, and 15-year fixed-rate loans all saw slight increases. Overall, though, rates were relatively calm. They're also down significantly from their peak in June. Joel Kan, MBA's associate vice president of economic and industry forecasting, says further declines … [Read more...]

The U.S. Census Bureau and the Department of Housing and Urban Development's monthly New Residential Construction report tracks the number of new homes that began construction during the month, the number of homes that were finished, and how many building permits were authorized. In July, the report found the number of housing starts down significantly from the month before. In fact, the number of new homes that began construction In July fell 9.6 percent. But while some of that decline is due to slower demand from … [Read more...]

New homes are generally more expensive than previously owned homes. That's not surprising. Anything brand new typically costs more than something used. But if you're a prospective home buyer who's been reluctant to consider buying a new house because of the price tag, the latest Housing Market Index from the National Association of Home Builders has good news for you. The index – which is based on a monthly survey of home builders – found one in five say they've reduced their prices in the past month. Of course, … [Read more...]

A new quarterly report from the National Association of Realtors found the median home price reached a new record high during the second quarter. By the end of June, it was up to $413,500. That's after the vast majority of metro areas saw double-digit price gains from the year before. Put simply, it got more expensive to buy a home this spring. But though buying got more costly during the first half of the year, could the second half of the year bring buyers some relief? Maybe, according to Lawrence Yun, NAR's … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were mostly calm last week, after two consecutive weeks of declines. There was only slight movement among different loan types. For example, rates increased for 30-year fixed-rate loans with both conforming and jumbo balances but were down for loans backed by the Federal Housing Administration. Rates for 15-year fixed-rate mortgages were unchanged from the week before. Joel Kan, MBA's associate vice president of … [Read more...]

The number of homes for sale is growing at a record pace, according to new numbers from the National Association of Realtors' consumer website. Their Monthly Housing Trends Report shows active listings increased 30.7 percent year-over-year in July. It was the third month of gains, and a good sign for home buyers. Why? Because low inventory has been the main thing driving home prices higher and more available homes for sale will help slow future increases. Danielle Hale, the website's chief economist, says the … [Read more...]

The housing market has shifted and Americans are still adjusting to the change, according to the results of Fannie Mae's most recent Home Purchase Sentiment Index. The index is based on a survey of Americans which asks them for their perception of the current housing market and their personal financial situation. In July, survey respondents were less optimistic than they've been in months past, with fewer participants saying they feel now is a good time to buy or sell a house. But while market sentiment has fallen, … [Read more...]

Equity is the difference between what your home is worth and what you owe on your mortgage. Which means, it's a good thing to have – and, these days, nearly half of all homeowners do. In fact, according to ATTOM Data Solutions' second-quarter 2022 U.S Home Equity & Underwater Report, 48.1 percent of mortgaged residential properties are now considered equity rich - meaning the amount homeowners owe on their home is less than 50 percent of the home's market value. The share of equity-rich homes is up from 34.4 … [Read more...]