Sales of newly built, single-family homes rose 3.6 percent in December, according to new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development. The improvement pushed new home sales 6.7 percent higher than they were one year earlier and comes after an upward revision of November’s results. In other words, the new home market continues to make gains despite the seasonal patterns, elevated mortgage rates, and higher home prices which should be suppressing sales. That’s good news for … [Read more...]

New numbers from the National Association of Realtors show sales of previously owned homes rose 2.2 percent in December from one month earlier. The improvement pushed sales to their strongest pace since February 2024 and led to the largest year-over-year gain since June 2021. Regionally, sales increased everywhere but the Midwest, which saw a 1 percent month-over-month decline. Lawrence Yun, NAR’s chief economist, says existing-home sales have defied typical seasonal patterns. “Home sales in the final months of the … [Read more...]

The housing market is in a holding pattern, according to the latest forecast from Fannie Mae’s Economic and Strategic Research Group. Market conditions are improving – but slowly. As a result, home buyers remain hesitant even though price increases have calmed and there are more homes for sale. Mark Palim, Fannie Mae’s senior vice president and chief economist, says market conditions aren’t likely to change much this year but there is a silver lining. “Due to lock-in effect and affordability constraints, we … [Read more...]

According to the Mortgage Bankers Association’s Weekly Application Survey, average mortgage rates saw a slight decline last week from the week before. Rates were down for 30-year fixed-rate loans with both conforming and jumbo balances and loans backed by the Federal Housing Administration, while rates for 15-year fixed-rate loans were flat, and 5/1 ARMs saw a week-over-week increase. Mike Fratantoni, MBA’s senior vice president and chief economist, says demand for mortgage applications improved. “Mortgage … [Read more...]

Deciding how many bedrooms you’d like in your next home isn’t always just about your family’s sleeping arrangement. Bedrooms, after all, can be converted into many uses. Home offices, for example. Perhaps that’s why Americans now have more extra bedrooms than they’ve ever had before. A new report from the National Association of Realtors’ consumer website found the number of extra bedrooms in the U.S. hit 31.9 million in 2023. That’s more than four times the number of extra bedrooms reported in 1980. Back then, … [Read more...]

According to Fannie Mae’s most recent Home Price Index, home prices accelerated in the fourth quarter of 2024 after slowing the previous two quarters. The year-over-year acceleration was slight but highlights the delicate balancing act the housing market faces in 2025. Mark Palim, Fannie Mae’s senior vice president and chief economist, says the market is caught between competing factors. “The housing market in 2025 faces a difficult balance act, with a notable decline in mortgage rates likely needed to help unwind … [Read more...]

The National Association of Home Builders surveys builders each month to gauge their confidence in the market for newly built, single-family homes. Survey responses are scored on a scale where any number above 50 indicates more builders view conditions as good than poor. In January, the NAHB’s Housing Market Index rose one point from the previous month to 47. Robert Dietz, NAHB’s chief economist, says the market is facing offsetting factors. “NAHB is forecasting a slight gain for single-family housing starts in … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, demand for mortgage applications skyrocketed last week. The MBA’s Market Composite Index – which measures both refinance and purchase demand – was up 33.3 percent from one week earlier. Joel Kan, MBA’s vice president and chief economist, says the spike may be due to seasonal volatility. “This time of the year is a particularly volatile time for application volumes, so it can be more helpful to focus on the level rather than the percentage … [Read more...]

The average age of first-time home buyers is rising. Last year, it was 38 years old – up three years from 35 years old in 2023. The reason is simple. Buying a home has become more expensive and younger buyers face financial challenges older, repeat buyers don’t. Having to save a down payment from scratch, for example. That’s caused the average American to wait a little longer before becoming a homeowner. It’s also caused millennial buyers to consider overlooking a home’s issues in order to buy sooner. What are some … [Read more...]

When you buy a home, you become a property manager. Which means you’re responsible for the home’s maintenance and upkeep. Everything from cutting the lawn and pulling weeds to maintaining the HVAC system is now your responsibility. It can take some work. It also takes some money. In fact, according to one new survey, 46 percent of homeowners said they spent more than $5,000 last year on unexpected repairs. That’s a 10 percent jump from the year before and pretty good evidence that new homeowners should prepare an … [Read more...]