Sales of previously owned homes increased 1.3 percent in July, breaking a four-month streak of monthly declines, according to new numbers from the National Association of Realtors. The improvement, while modest, was welcome. Lawrence Yun, NAR’s chief economist, says conditions are beginning to get better for buyers. “Despite the modest gain, home sales are still sluggish,” Yun said. “But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates.” It’s true. Mortgage … [Read more...]

Fannie Mae’s Economic and Strategic Research Group releases a monthly outlook covering its expectations for the economy and housing market. In its most recent release, the group revised its forecast for home sales through the end of the year, predicting fewer than before. But with mortgage rates falling and the inventory of homes for sale rising, the news has been good for buyers. So why the revision? Mark Palim, Fannie Mae’s vice president and deputy chief economist, says home buyers remain reluctant. “On its … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell again last week. Rates were down from the week before for 30-year fixed-rate loans with both conforming and jumbo balances and loans backed by the Federal Housing Administration. It was the third consecutive weekly decline. Despite the improvement, however, demand for mortgage applications was also down week-over-week. Mostly, the decrease was due to a drop in refinance activity, which slowed after a significant … [Read more...]

The number of homes valued at $1 million or more is now more than twice what it was pre-pandemic, according to a new analysis of the luxury home market. The data shows that 8.5 percent of homes in America are worth more than $1 million, up from 7.6 percent last year and 4 percent pre-pandemic. The increase should come as no surprise, given the recent rise in home prices. Price increases spiked during the pandemic-era buyer boom and have only begun to slow over the past year. Those increases pushed home values … [Read more...]

The housing market has favored sellers all year, as a lower-than-normal number of available homes for sale has kept buyer competition high. But, according to one new analysis, conditions are changing. In fact, the analysis found that the housing market has moved into neutral territory for the first time this year. That means the current market doesn’t favor buyers or sellers due to a better balance between supply and demand. The number of homes for sale has risen and competition among buyers has eased. That’s good … [Read more...]

Each month, the National Association of Home Builders conducts a survey asking builders for their opinion of the market for newly built homes. The NAHB’s measure of builder confidence is a closely watched market barometer, as a home builder’s success is dependent on an ability to read the market and know what buyers want, where they want it, and when. In August, the survey – which is scored on a scale where any number above 50 indicates more builders see conditions as good than poor – scored a 39, down two points … [Read more...]

When homes are selling quickly, buyers have to move fast. That can be stressful. Choosing a home to buy is not a decision you want to make in a hurry. That’s why a recently released market analysis should be encouraging for anyone hoping to buy a home anytime soon. The analysis shows the housing market has cooled and is less competitive now than it’s been in recent years. For example, homes sold in July were typically on the market about 18 days, which is six days longer than they were last year at the same time. … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were relatively flat last week after falling to the lowest level in more than a year the week before. Rates were virtually unchanged for 30-year fixed-rate loans, FHA loans, and jumbo loans, while rates for 15-year fixed-rate loans decreased and 5/1 ARMs moved higher. With rates still lower than they’ve been all year, mortgage demand skyrocketed, jumping nearly 17 percent week-over-week. Joel Kan, MBA’s vice president … [Read more...]

People move for a variety of reasons. A move could be inspired by everything from a new job in a different area to weather or a desire to be closer to family and friends. On the list of reasons people move, though, space is always near the top. Home buyers are often looking to expand – or downsize – their living space. But is there a size that’s right for most buyers? A new analysis from the National Association of Home Builders offers some clues on what most home shoppers want. According to the analysis, 21 … [Read more...]

The housing market has softened a bit in recent weeks, with mortgage rates and home prices both showing signs of calming. Whether or not it’s enough to inspire buyers remains to be seen. But according to one recent survey, current home shoppers are feeling positive about their position. In fact, a majority said they feel confident. Results found 56 percent of respondents said they expect to find and close on an affordable house that fits their needs. Additionally, 44 percent of surveyed home shoppers said they … [Read more...]