New numbers from the National Association of Realtors show just how quickly homes are selling these days. Their monthly measure of existing-home sales found that the typical property sold in 21 days in November. In fact, 73 percent of homes sold were on the market for less than a month. Lawrence Yun, NAR's chief economist, says that the housing market continues to thrive. “Home sales in November took a marginal step back, but sales for all of 2020 are already on pace to surpass last year's levels,” Yun said. “Given … [Read more...]

The number of homes available for sale has been lower than normal for a while now. In many markets, there aren't enough homes for sale to meet buyer demand, and – since there are more buyers than available homes – prices and competition continue to rise. In short, more new homes are needed. So it's encouraging that the most recent residential construction report from the U.S. Census Bureau and the Department of Housing and Urban Development shows more new homes are under construction and permits to build are also … [Read more...]

The National Association of Home Builders conducts a monthly survey to measure how optimistic builders are in the market for newly built homes. Their Housing Market Index scores responses on a scale where any number above 50 indicates more builders view conditions as good than poor. The results are seen as a good indicator of housing health, as a home builder's business is dependent on being able to read the market and anticipate buyer demand. In December, the Index fell four points to 86, after hitting a record … [Read more...]

The housing market in 2020 has been surprisingly resilient. Though coronavirus-mitigation efforts stalled what was forecast to be a strong spring, the market came back quickly and its hot summer carried into fall. But can the real-estate market continue its current pace in 2021? Well, according to the most recent outlook from Fannie Mae's Economic and Strategic Research Group, the answer is mixed. Doug Duncan, Fannie Mae's senior vice president and chief economist, says they expect it'll be a good year, if a bit … [Read more...]

Home buyers have a lot to think about. After all, there's a laundry list of factors, features, and amenities to consider when deciding on a house to buy. Everything from the size of the kitchen to the neighborhood and school district is up for discussion. So it isn't surprising that homes for sale in areas at high risk of flood or fire might give buyers pause. But a new analysis from the National Association of Realtors' consumer website shows exactly how that hesitation affects home prices in those locations. … [Read more...]

In the minds of home buyers, there are two big numbers to consider. One is the monthly mortgage payment. Calculating what a particular house will cost you each month is an important determiner of whether or not you can really afford it. But you can't calculate your prospective monthly mortgage payment without knowing first what your down payment will be. That's why the down payment is the other number home buyers have to grapple with before buying. Figuring out how much you will potentially have to put down on a … [Read more...]

In the past, shopping for a house to buy involved calculating how difficult your commute to work would be. Whether it was measuring the distance to public transportation, the nearest highway, or timing the total drive, home buyers had to consider their daily routine before making an offer. Then, COVID hit and changed everything. Now, with more Americans working from home, commutes are becoming less of a factor in home buying decisions and it's changing how and where we buy. For example, a recent survey found that … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell to new lows last week, with rates for 30-year fixed-rate mortgages with conforming loan balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans down from the week before. Rates for loans with jumbo balances were flat from the previous week. Joel Kan, MBA's associate vice president of economic and industry forecasting, says low rates spurred a bump in refinance applications. … [Read more...]

Each month, Fannie Mae's Home Purchase Sentiment Index tracks how Americans feel about the housing market, buying and selling a home, mortgage rates, prices, their job, and income. The index is a monthly measure of home buying conditions and consumer confidence in the real-estate market. In November, the HPSI fell 1.7 points, marking the first decline after three consecutive months of increases. Doug Duncan, Fannie Mae's senior vice president and chief economist, says consumer sentiment may have peaked for now. … [Read more...]

The idea of packing up your things and moving somewhere new can be exciting – especially if your current living situation isn't ideal. So it's not surprising that a recent survey found nearly half of Americans say they're considering a move in the next year. According to the results, 46 percent of respondents said they're thinking about moving. Among them, 27 percent said they're looking for a new place in their current area, 12 percent were hoping to find a home in another part of the state, and 8 percent said … [Read more...]