The latest U.S. Home Affordability Report from ATTOM Data Solutions has good news and bad news for buyers. The report – which measures major homeownership expenses against average wage info – found the cost of a median-priced home currently consumes 32 percent of the average national wage, which is higher than the 28 percent guideline commonly used by lenders. That means affordability is still challenging in most markets across the country. The good news? It seems to have plateaued. “Home affordability is in a … [Read more...]
Down Payments Are Up $3,000 From Last Year
A new analysis from the National Association of Realtors’ consumer website found that the size of the typical down payment has risen $3,000 from where it was last year at the same time. The typical down payment is now $30,250 – which is about 3.5 percent higher than it was pre-pandemic. Danielle Hale, the website’s chief economist, says part of the increase is due to who is buying homes right now. “Today’s home sales are skewed toward higher-end homes, and this means larger down payments from more financially … [Read more...]
Buyer Demand Rises During Mostly Flat Week
According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates moved slightly lower last week, with declines seen 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 were flat week-over-week. But while rates were stable, it wasn’t enough to drive demand, which fell 2 percent due to a drop in refinance activity. Joel Kan, MBA’s vice president and chief economist, says home buyer … [Read more...]
Why You Need To Have Your Home On The MLS
If you’re a first-time home seller, you may’ve wondered why you can’t just put a sign out in front of your house and wait for the best offer. The answer, of course, is you can. But, if you do, you’re not likely to sell it quickly and you’re probably not going to get top dollar for it. In fact, according to one recent analysis, home sellers who chose to sell their house without listing it on the Multiple Listing Service – the database of listings Realtors and online search sites use – lost more than $1 billion over … [Read more...]
Americans Say Home Has Become More Important
A home is more than just a shelter or a place to sleep at night. It’s where you live your life. It’s where you gather with friends and family, make memories, spend holidays and anniversaries, raise your kids, and achieve your dreams. In other words, it may just be a building but it’s an important one. Americans increasingly agree. In fact, according to one new analysis, home is becoming even more important to us. The analysis found that almost half of respondents to a recent survey said their home has become more … [Read more...]
Spring Buyers May See Best Conditions In Years
Home buyers still face affordability challenges. Home prices and mortgage rates remain elevated. But while buying a home is more expensive than it was a few years ago, market conditions may be lining up to provide spring buyers with the best conditions they’ve seen since before the pandemic. How so? Well, for one, rates have been falling recently. That helps. Competition among buyers is also slower. In fact, homes for sale are spending just four fewer days on the market than they were pre-pandemic. That means more … [Read more...]
Existing Home Sales Begin To Thaw
February is still winter but, according to new numbers from the National Association of Realtors, it may’ve been the start of this year’s spring sales season. That’s because the NAR found sales of previously owned homes up 4.2 percent in February from the month before. Lawrence Yun, NAR’s chief economist, says buyers are starting to enter the market. “Home buyers are slowly entering the market,” Yun said. “Mortgage rates have not changed much, but more inventory and choices are releasing pent-up housing demand.” … [Read more...]
Purchase Demand Rises Despite Rate Bump
According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates increased last week from one week earlier. Rates were up across all loan categories including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, 15-year fixed-rate loans, and 5/1 ARMs. But while the rate bump did slow refinance activity, demand for loans to buy homes actually increased from the week before. In fact, purchase application demand was up 1 … [Read more...]
New Home Construction Spiked In February
The pace of new home construction surged in February, according to new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development. Single-family housing starts rose 11.4 percent from January’s rate, while the number of new homes that completed construction during the month was 7.1 percent higher than the month before. The news is an encouraging sign for the housing market amid higher home prices, elevated mortgage rates, and economic uncertainty. New home construction is often cited as … [Read more...]
Uncertainty Causes Builder Confidence Decline
The National Association of Home Builder’s monthly Housing Market Index measures how confident builders are in the market for newly built homes. When the index scores above 50, it means more builders view market conditions as good than poor. In March, the index fell three points to 39. Robert Dietz, NAHB’s chief economist, says uncertainty is behind the decline. “Construction firms are facing added cost pressures from tariffs,” Dietz said. “Data from the HMI March survey reveals that builders estimate a typical … [Read more...]
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