After the coronavirus' onset in March, remote work became much more widespread. With it, Americans began to realize the benefits of not having to commute to the office every day. Among them, the ability to move further away from city centers and live in less densely populated suburbs and exurbs was a favorite. Online home searches in locations outside of large metropolitan areas skyrocketed, as Americans looked to relocate to more affordable areas where they could have more space and privacy. Now, according to the … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were mostly flat last week, with little or no change 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. Rates remain just above record lows and it continues to drive demand for home purchase loans. Joel Kan, MBA's associate vice president of economic and industry forecasting, says … [Read more...]

The ebb and flow of the housing market is hard to predict. Unforeseen events, like the COVID-19 pandemic, can come along and ruin all of the experts' projections and forecasts. However, there are also times when a forecast is based on data that is hard to deny. For example, a recent analysis found Americans are forming households at a lower rate than they did before the Great Recession. That means, younger Americans are living with their parents or roommates longer than they did in years past. In fact, according to … [Read more...]

During the time between when a contract to buy a home is signed and when the transaction is closed, the home's sale is considered pending. The National Association of Realtors tracks pending sales because they're a good way of forecasting future home sales numbers, since contract signings precede closings by several weeks. According to their most recent numbers, contract activity was down 1.1 percent in October from the month before, but remains 20.2 percent higher than it was last year at the same time. Lawrence … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average rates for30-year fixed-rate mortgages with conforming loan balances fell to a new low last week. Rates for 15-year fixed-rate loans and loans backed by the Federal Housing Administration were also down. The declines sparked demand for loan applications, which rose 3.9 percent from the week before. Joel Kan, MBA's associate vice president of industry and economic forecasting, says buyer demand remains solid, despite low inventory and … [Read more...]

The S&P Case-Shiller Home Price Indices are among the most closely followed measures of US home values. According to their most recent release, their National Home Price Index showed a 7 percent year-over-year gain in September. It was the biggest increase in six years and a significant spike from the previous month, when prices were only up 5.8 percent from one year earlier. Craig Lazzara, managing director and global head of index investment strategy at S&P, says it's too soon to determine whether the … [Read more...]

It's well known that spring and summer are the housing market's hottest seasons. But while they're definitely the busiest times of year, are they really the best for buyers? Well, according to one recent analysis, no. In fact, ATTOM Data Solutions looked at 27 million single-family home and condo sales that took place over the past seven years and determined that the best days for buyers are December 4 and January 26. Buyers who closed on those dates got the best deal. Overall, December was found to be the best … [Read more...]

If you've been searching for a house to buy, you've likely heard that inventory is low right now. There are fewer homes for sale than normal. That means, more competition, higher prices, and a tougher time finding a home that fits your needs and lifestyle. That can be frustrating, but there's good news on the horizon. That's because, according to the U.S. Census Bureau and the Department of Housing and Urban Development, the number of new homes being built is increasing. In fact, October data shows the number of … [Read more...]

Sales of previously owned homes increased 4.3 percent in October, according to new numbers from the National Association of Realtors. The improvement marks the fifth consecutive monthly gain and puts sales 26.6 percent higher than they were last year at the same time. Lawrence Yun, NAR's chief economist, says home sales have now recovered what was lost earlier this year when pandemic-related shutdowns brought the market to a halt. “The surge in sales in recent months has now offset the spring market losses,” Yun … [Read more...]

There's a reason the National Association of Home Builders has surveyed builders each month for the past 35 years. It's because, when business is good for builders, things are generally good for the housing market and overall economy. In other words, if builders are doing well, things are heading in the right direction. And, if that's true, their most recent Housing Market index is an encouraging sign. That's because, the index – which is scored on a scale where any number above 50 indicates more builders view … [Read more...]