A competitive housing market can be stressful for home buyers. When there are more buyers than homes for sale, available homes sell quickly and for more than their asking price. It can put pressure on buyers and their budgets. So how competitive is today's market? Well, one good measure of competitiveness is showing activity. The higher the number of average showings per listing, the more competition there likely is between buyers. Fortunately for today's home shoppers, showing activity has been slowing. In fact, … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates saw their biggest decline in two years last week. Rates fell 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. Joel Kan, MBA's associate vice president of economic and industry forecasting, says lower rates could help spark more buying activity. “The drop in rates led to increases in … [Read more...]

Home buyers are finally getting some relief from the housing market's inventory issues. For years now, there have been too few homes available for sale. That can make it difficult for buyers to find a house that fulfills their wishlist and fits their budget. Put simply, it's frustrating. But recent data has shown the number of homes for sale is beginning to improve. And, according to newly released numbers from the U.S. Census Bureau and the Department of Housing and Urban Development, that's particularly true in … [Read more...]

The past couple of years have been good to home sellers. A historically low number of homes for sale combined with elevated demand from buyers made conditions perfect to sell a home quickly and for a great price. But this year, things have been changing. The housing market has begun to cool. The number of homes for sale has started to rise while buyer demand has slowed. So is it still a good time to sell a home? Well, according to new numbers from ATTOM Data Solutions it is. Their quarterly 2022 U.S. Home Sales … [Read more...]

It's easy to ignore your credit score. After all, it's not something that comes up that often in day-to-day life. But, if you're thinking about buying a house, it's important to check yours sooner than later. Why? Well, according to one new analysis, it could save you money. Your credit score is among the factors that determines your mortgage rate, which then determines how much your monthly mortgage payment will be. A better credit score will get you a lower rate and a smaller mortgage bill, which will save you … [Read more...]

When a buyer has their offer accepted by a home seller, a contract is signed. The transaction isn't closed, though, until after the details of the home's sale and financing have been worked through. During that process, the home's sale is considered pending. Typically, there are several weeks between signing a contract and closing, which is why contract signings are considered an important indicator for the housing market. After all, most signed contracts lead to closed sales, so they're a good predictor of future … [Read more...]

Home prices have been increasing at an accelerated pace for years now. That's great for homeowners but an obvious challenge for buyers, who could likely use some relief. Fortunately, they're starting to get it. The number of homes available for sale is improving and the added inventory should begin to correct some of the imbalance that's been driving prices higher. According to one recent analysis, it's already started. The latest S&P Case-Shiller Indices – considered among the leading measures of U.S. home … [Read more...]

Fannie Mae's Economic and Strategic Research Group releases a forecast each month detailing their expectations for the economy and housing market. According to the group's most recent release, there are a number of signs that the once hot housing market is beginning to cool off, including a rising number of active listings, fewer sales, and an increasing number of listings that have undergone a price cut. But despite several signs that things are beginning to slow down, there are other indicators that have yet to … [Read more...]

The rate of new home construction is an important housing market indicator. It not only says something about the economy and buyer demand, it also tells you something about where home prices are headed. If new home construction is rising, inventory is improving and – with more homes available for sale – price increases are more likely to moderate. That means every prospective buyer benefits when more new homes are built, since the added housing supply helps keep prices in check. So what's currently happening in the … [Read more...]

Home sales fell in June, according to new numbers from the National Association of Realtors. Sales of existing homes dropped 5.4 percent from the month before and were 14.2 percent below where they were last year at the same time. The decline is the latest sign that the housing market is starting to slow down. But while falling sales are evidence that buyer demand has begun to cool off, there are also signs that the market remains hot. For example, the NAR's report found that home prices saw a double-digit, … [Read more...]