When the supply of homes for sale is low, home sellers’ benefit. Too few available homes means active listings gain extra interest from buyers who don’t have as many options. That leads to higher prices and bigger profits. There’s no better evidence of this than ATTOM Data Solutions’ third-quarter U.S. Home Sales Report, which shows profit margins on median-priced single-family home sales have increased again. In fact, the typical home seller profit rose to $129,900 in the third quarter. That’s up 5 percent from … [Read more...]
Number Of Homes For Sale Improves
The National Association of Realtors’ most recent measure of existing-home sales found the inventory of available homes for sale improved 2.7 percent in September from one month earlier. The increase is an encouraging sign, as too few available homes has been an ongoing issue for the market – one that has frustrated buyers, limited sales, and driven prices higher. Still, even with the last month’s improvement, total housing inventory is down 8.1 percent from where it was last year at the same time. It’s also … [Read more...]
New Home Construction Rises Unexpectedly
Home builders had a good summer. With fewer existing homes for sale, the new home market was hot. But as summer faded into fall, it began to cool. That’s why new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development come as a welcome surprise. The data shows the number of housing starts rose 7 percent in September, with a 3.2 percent month-over-month increase in the number of single-family homes that began construction. That’s good news for buyers, as additional for-sale inventory … [Read more...]
Weekly Survey Finds Mortgage Rates Up Again
According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates moved higher last week for 30-year fixed-rate loans with conforming loan balances. Rates were also up for 15-year fixed-rate loans and 5/1 ARMs, though jumbo loans and loans backed by the Federal Housing Administration saw declines. It was the sixth consecutive weekly increase for the 30-year fixed rate. Joel Kan, MBA’s vice president and deputy chief economist, says higher rates slowed demand last week. “Both … [Read more...]
Market Forecast Sees Little Change Into 2024
Each month, Fannie Mae’s Economic and Strategic Research Group releases a forecast of what they believe is ahead for the housing market and overall economy. The group covers topics from economic growth to home sales and predicts what will happen in coming months. According to their October release, the group sees little change ahead for the housing market as it heads into 2024. They expect home prices to remain resilient, while sales continue to slow due to higher mortgage rates and fewer homes for sale. In other … [Read more...]
Who Is Today’s Typical Home Buyer?
More than 10 million households have recently purchased and moved into a new home, according to a new study from the National Association of Home Builders. The study – which looks at data from the American Housing Survey in hopes of determining who today’s typical buyer is and what type of home they buy – breaks down buyers based on age, income, down payments, and home purchased. So who is today’s typical home buyer? Well, the study found recent home buyers had a median age of 41 and a household income of $97,700. … [Read more...]
Home Values Show Signs Of Calming
If you’re thinking about making a move, you’re likely thinking about home values. Whether they’re up or down will have an impact on the decisions you make, whether you’re a buyer, a seller, or both. So where are they now? Well, according to one recent analysis, values were relatively flat in September from the month before. In fact, they were down just 0.1 percent nationally. That’s slower than they’ve been at any point since February but not that far off normal. In fact, between 2015 and 2019, monthly home-price … [Read more...]
Getting A Mortgage Got Easier In September
For most home buyers, applying for a mortgage is step one. You aren’t going to get very far in the home buying process without first confirming that you’ll be able to get a loan. But while your financial stability, income, and history has a lot to do with whether you’re ultimately approved to borrow, those aren’t the only determining factors. Mortgage credit availability is another. Put simply, lending standards aren’t fixed. There are times when it’s easier to get a mortgage and times when it’s more difficult. … [Read more...]
Adjustable Rate Mortgages See Spike In Popularity
According to the Mortgage Bankers Association's Weekly Applications survey, average mortgage rates were up last week 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. But while rates for most loan categories increased, rates for adjustable rate mortgages saw a significant decline from the week before. Joel Kan, MBA's vice president and deputy chief economist, says interest in ARMs spiked as a result. “The level of … [Read more...]
More Buyers Open To Owning With Family Or Friends
Traditionally, buying a house was something you did with your spouse. First, you’d get married then you’d move into your newly purchased home together. But while married couples still account for the largest share of home buyers, things have been changing recently. In fact, according to one new survey from the National Association of Realtors’ consumer website, an overwhelming majority of survey participants now say they’d be willing to buy a home with someone other than a spouse or partner. Danielle Hale, the … [Read more...]
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