When compared to pre-pandemic levels, the number of homes for sale is about 50 percent lower than normal. That's why prices have been increasing and homes have been selling so quickly. Simply put, there isn't enough inventory to satisfy the number of buyers out there. The good news is, though, things are getting better. In fact, according to new numbers from the National Association of Realtors' consumer website, there were 646,053 available homes for sale in September. That's the highest it's been all year. … [Read more...]

Location obviously matters when choosing a house to buy. Not only will it determine how far you are from friends, family, and the things you need, it'll also determine how much you pay. Home prices and affordability can vary from one neighborhood, city, and state to the next. And how much they vary can be surprising. For example, according to ATTOM Data Solutions' most recent quarterly U.S. Home Affordability Report, the annual income you need to make in order to comfortably afford buying a home ranges from nearly … [Read more...]

A rising number of homes available for sale helped cool the housing market after a hot spring and early summer. It also helped home buyers find homes to buy. In fact, according to new numbers from the National Association of Realtors, the number of signed contracts to buy homes was 8.1 percent higher in August than the month before. The rebound was significant and followed two straight months of declines. Lawrence Yun, NAR's chief economist, says home buyers came back. “Rising inventory and moderating price … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates increased last week from the week before. Rates were up for 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 rates moved higher due to increasing optimism in the economy. “Increased optimism about the strength of the economy pushed … [Read more...]

Home prices have been increasing for more than just the past few months. But, according to newly released numbers from the S&P Case-Shiller Home Price Indices, the increases seen this summer were widespread, consistent, and, in some cases, record setting. S&P's index, which is among the leading measures of U.S. home prices, shows that prices were up nearly 20 percent over year-before levels in July. Craig J. Lazzara, managing director and global head of index investment strategy at S&P, says the … [Read more...]

Sales of newly built single-family homes rose more than economists expected in August, marking the second-consecutive month of gains. The 1.5 percent increase pushed sales to a 740,000-unit annual rate and included spikes of 26 percent in the Northeast and 6 percent in the West. But while the sales gains are positive news for the housing market, they continue to lag behind last year's levels – with sales 24.3 percent lower than they were at the same time one year earlier. The numbers, from the U.S. Census Bureau … [Read more...]

New numbers from the National Association of Realtors show that, even as the summer market looked to be slowing down, homes for sale were still selling quickly. In fact, the typical property was only on the market 17 days in August and 87 percent of homes sold during the month were available less than 30 days. It's yet another sign that inventory remains the market's biggest issue. Lawrence Yun, NAR's chief economist, says home buyers are still looking, despite challenging conditions. “Although there was a decline … [Read more...]

If you're a prospective home buyer, the pace of new home construction should matter to you. Today's hot market and rapidly rising prices are largely due to the fact that there are fewer homes for sale these days. Combined with a high level of buyer demand, the lack of inventory has caused a competitive market where homes sell quickly and well over the seller's asking price. So what's the answer to this problem? Well, adding to the supply of available homes would help alleviate some of the pressure home buyers are … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, demand for loans to buy homes reached its highest point since April during the week following Labor Day. Home buyers returned and pushed purchase application demand 2 percent higher than the week before. Joel Kan, MBA's associate vice president of economic and industry forecasting, says demand remains strong. “Housing demand is strong heading into fall, despite fast-rising home prices and low inventory,” Kan said. “The inventory situation … [Read more...]

Each month, Fannie Mae's Economic and Strategic Research Group releases a forecast detailing their outlook for the economy and housing market. According to their most recent release, the group sees some potential challenges ahead that may affect home buyers. Specifically, they believe buyer demand could begin to slow if affordability conditions worsen. Doug Duncan, Fannie Mae's senior vice president and chief economist, says there are a few factors that will determine whether or not that happens. “Affordability … [Read more...]