There are few things more frustrating as a home buyer than losing a home to another buyer. Whether it’s due to a faster offer or a better one, losing your chance at a home you had your eye on can be deflating. That’s why new numbers from the National Association of Realtors may be good for hopeful home shoppers. According to the data, the typical home for sale in January was on the market about a week longer than in December. In fact, the typical property remained on the market 36 days during the month. That’s an … [Read more...]
Average Mortgage Rate Moves Higher
According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates moved higher last week from one week earlier. Increases were seen 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. Mike Fratantoni, MBA’s senior vice president and chief economist, says the increases led to a decline in mortgage application demand. “Mortgage applications … [Read more...]
Demand For New Homes Spiked 19% In January
There are too few existing homes available for sale. An ongoing issue for buyers – and the primary factor driving home price increases – the lack of for-sale inventory has led an increasing number of home buyers to consider the new home market as an alternative. Put simply, buyers who aren’t able to find an older home that fits their needs are looking at new homes for additional options. In fact, according to the latest numbers from the Mortgage Bankers Association, mortgage applications for new home purchases were … [Read more...]
National Median Existing Home Price Hits $391,700
Home prices are still rising. They’re increasing at a much slower pace than they were a few years ago but are above year-before levels in every region, according to new numbers from the National Association of Realtors. In fact, the median price for an existing home reached $391,700 at the end of 2023. That’s 3.5 percent higher than it was at the end of 2022. Lawrence Yun, NAR’s chief economist, says the number of homes for sale is expected to rise this year, which will help affordability and sales. “Sales were … [Read more...]
Single-Family Permits Climb Amid January Downturn
New home construction numbers aren’t the first thing prospective home buyers check when thinking about buying a home. Current listings, home prices, and mortgage rates are more likely starting points. But the number of new homes being built affects buyers, whether they know it or not. For one, the pace of new home construction can help moderate price increases, as more new homes add to overall supply, which reduces competition and limits price spikes. In other words, if more new homes are being built, it’s good for … [Read more...]
Home Builder Confidence Continues To Rise
Home builders know the housing market. They have to, after all. Their business depends on knowing where and what buyers want. That’s why the National Association of Home Builders takes a monthly measure of how confident home builders feel about the market. The NAHB’s Housing Market Index measures builder confidence on a scale where any number above 50 indicates more builders view conditions as good than poor. In February, the index saw its third consecutive monthly increase, rising four points to 48. Alicia Huey, … [Read more...]
Average Rates Move Higher In Latest Survey
Average mortgage rates moved higher last week, according to the Mortgage Bankers Association. Its Weekly Applications Survey found rates up for 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. The increases contributed to a 2.3 percent drop in mortgage application demand for both refinance and purchase loans. Joel Kan, MBA’s vice president and deputy chief economist, says rates are now at the highest level … [Read more...]
Mortgage Credit More Available In January
The Mortgage Bankers Association’s monthly measure of credit availability keeps track of how easy or difficult it is for borrowers to get a loan. Any increase in the Mortgage Credit Availability Index indicates that credit has loosened, while a decline means lending standards and loan programs have tightened. In other words, if the index is increasing, that’s good for prospective borrowers, and according to the most recent results, it is. In fact, the MBA’s index saw a 0.7 percent increase in January. Joel Kan, … [Read more...]
Rising Foot Traffic A Good Sign For Spring
Foot traffic is a great way to measure how active home buyers are in the market. You can tell a lot about where buyers are looking to live, and the homes they’re most interested in, by looking at how many home showings are being scheduled. The National Association of Realtors tracks home showings each month in an effort to gauge buyer demand and market activity. According to the most recently released numbers, foot traffic was up at the end of last year. In fact, showings were 5 percent higher year-over-year in … [Read more...]
Affordability Improves After Last Year’s Lows
Naturally, affordability is a top factor among home buyers. After all, whether or not you can afford to buy a home is the first question you have to answer before beginning the buying process. That’s why 2023 was a slow year for the housing market. Affordability was at a low. In fact, according to the National Association of Home Builders’ Housing Opportunity Index, affordability during the fourth quarter of last year was at its lowest level in more than a decade. Fortunately, though, conditions have already … [Read more...]
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