Sales of previously owned homes fell 4.1 percent in October from one month earlier, according to new numbers from the National Association of Realtors. The decline came amid rising mortgage rates, low for-sale inventory, and seasonal trends which typically slow sales after the hot summer market begins to cool. But while home sales were slower in October, Lawrence Yun, NAR’s chief economist, says conditions may improve in the months ahead. “Fortunately, mortgage rates have fallen for the third straight week, … [Read more...]

We all know location matters when buying a home. Everything from prices to the amount of competition you face will be different from one zip code to the next. Proof of this can be found in a study of the country’s most affluent areas. The analysis looked at the 100 most exclusive zip codes across the country and found the market for high-end homes is still running hot, even as the housing market overall seems to be cooling. For example, in 23 of the most expensive markets, more than half of properties sold were … [Read more...]

The National Association of Home Builders keeps a monthly measure of how builders view the market for newly built homes. Its Housing Market Index is based on a survey which scores builders’ answers on a scale where any number above 50 indicates more builders view conditions as good than poor. In November, the index fell six points to 34, as rising mortgage rates dampened builder confidence. But Robert Dietz, NAHB’s chief economist, says there are signs that conditions may soon improve. “While builder sentiment was … [Read more...]

The standards lenders use to determine whether or not a borrower is eligible for a mortgage aren’t fixed. That means getting approved for a mortgage can be more difficult at times and easier at others. It also means prospective home buyers can better prepare themselves if they have an idea whether standards are loosening or tightening. The Mortgage Bankers Association tracks mortgage credit availability each month with its Mortgage Credit Availability Index. Any increase in the index means credit has become more … [Read more...]

According to the Mortgage Bankers Association’s Weekly Application Survey, average mortgage rates were mostly flat last week from one week earlier. Rates for 30-year fixed-rate loans with conforming loan balances and loans backed by the Federal Housing Administration were both unchanged week-over-week, while jumbo loans and 5/1 ARMs saw slight increases. Joel Kan, MBA’s vice president and deputy chief economist, says rates have fallen over the past few weeks. “Although Treasury rates dipped midweek, mortgage rates … [Read more...]

At some point, everybody fantasizes about moving far away from home, whether to another city in the same state, a whole different state, or even to another country. It’s normal to sometimes wonder what life would be like if you packed everything up and tried something totally new. The reality, though, is we tend to stay fairly close to home when we make a move. In fact, an analysis of recent buyers found the median distance between the home they purchased and the one they moved from was 20 miles. That’s a decent … [Read more...]

When you see a home for sale that looks great, has all the right updates, and is in an desirable neighborhood, chances are you aren’t the only one excited about the prospect of living in it. Especially in a market short of available homes, good ones are going to attract buyers, and that means competition, bidding wars, and quick sales. It can also mean heartbreak, if you’ve grown attached to a home that eventually sells to another buyer. Fortunately for today’s home buyer, competition has eased a bit from its … [Read more...]

Housing market conditions can vary from one location to the next. What’s true in one area may not be in another. That’s certainly the case when looking at home price trends in different cities across the country. The trend in Los Angeles, for example, can be very different from what’s happening in Louisville. So while home prices have been increasing recently, not every metro area has seen the same gains and some may not even have seen gains at all. A new report from the National Association of Realtors addresses … [Read more...]

Current housing market conditions present some challenges for prospective home buyers. Elevated mortgage rates and home prices – combined with a lower than normal number of homes for sale – have made it more difficult for buyers looking for a home that fits both their needs and their budget. But housing market conditions are never perfect and, despite the ups-and-downs, Americans have consistently expressed a desire to own their own home. That remains true today, according to the latest Housing Trends Report from … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell across all loan categories last week, 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. The decline was the biggest week-over-week decrease since July 2022. Joel Kan, MBA’s vice president and deputy chief economist, says there are a few reasons for the improvement. “Last week’s decrease in rates … [Read more...]