When a contract to buy a home is signed, that home's sale is considered pending until it eventually closes weeks later. During this period, the details of the sale and financing are finalized. The lag between signings and closings makes pending sales an excellent predictor of future home sales. That's why the National Association of Realtors tracks them each month. According to their most recent report, pending home sales increased 8.1 percent in January. It was the second consecutive increase and the largest … [Read more...]
New Home Sales Start The Year Up 7 Percent
Sales of newly built homes were rising at the end of last year and continued to increase once 2023 arrived. In fact, according to new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development, new home sales rose 7.2 percent in January – and that's following an upward revision of December's numbers. The increases were likely fueled by falling mortgage rates, which provided relief to winter home shoppers. So what does this mean to the average buyer? Well, any increase in new home sales … [Read more...]
Is Housing Market Optimism Here To Stay?
The housing market has been through some ups-and-downs over the past year. A booming market began to slow down early in 2022, as mortgage rates climbed and caused affordability challenges for buyers. Last fall, though, mortgage rates started to decline and the drop caused housing market optimism to rise. Add to that unexpectedly strong economic data and some were feeling that the worst may be over. But according to Fannie Mae's Economic and Strategic Research Group – which releases a monthly outlook detailing their … [Read more...]
Average Mortgage Rates Up Week-Over-Week
According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates increased last week 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. The increases brought rates to their highest levels since November. Joel Kan, MBA's vice president and deputy chief economist, says they also had a cooling effect on buyers. “This time of the year is … [Read more...]
Homes For Sale Last Longer In January
There was a time, not long ago, when the typical home listed for sale would be on the market for barely two weeks before it sold. With buyer demand high and the number of available homes lower than normal, the pace of the housing market was fast - nearly 90 percent of homes sold in under a month. These days, though, things have slowed down a bit and that's good for buyers, as it gives them more time to deliberate before making an offer. But how long does the typical home stay on the market now? Well, according to … [Read more...]
Millennials Drive Demand For Affordable Homes
There have been a few factors fueling buyer demand the past three years. Certainly, historically low mortgage rates drove some Americans to buy a house sooner than they may have otherwise. But most people don't buy a house simply because market conditions are favorable. Most of us buy because of a big life change like a new job, getting married, or having kids. That never changes, which is why in the months ahead demographics will play a bigger role in the housing market than affordability conditions. For example, … [Read more...]
Home Builder Optimism Grows In February
Home builder sentiment is an important gauge of housing market health. Builders, after all, have to be able to accurately read the market in order to know when and where to build homes. Their success depends on it. That's why the National Association of Home Builders' monthly Housing Market Index is a closely watched market metric. When builders are feeling optimistic, it's a good sign that things are headed in the right direction. That's why the NAHB's most recent release is such welcome news. Builder confidence … [Read more...]
Mortgage Rate Bump First In Weeks
According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates increased last week after falling for five consecutive weeks. Rates were up from the week before across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. As a result, demand for mortgage applications fell 7.7 percent, with both refinance and purchase activity decreasing from one week … [Read more...]
How Do Americans Feel About The Housing Market?
Each month, Fannie Mae surveys Americans to gauge how they feel about the housing market. Survey respondents are asked whether they think it's a good time to buy or sell a home, where they think mortgage rates and home prices are headed, and how they're doing financially. The results make up Fannie Mae's monthly Home Purchase Sentiment Index. In January, the index rose for the third consecutive month. Despite the gains, though, it still remains below its pre-pandemic highs. Respondents say they believe home prices … [Read more...]
Home Prices Expected To Remain Stable This Year
If you're a potential home buyer or seller, you're most likely wondering what's happening with home prices. The market continues to slow, after running hot for two years, and Americans are looking for answers. Well, some of those answers can be found in the latest Metropolitan Median Area Prices and Affordability report from the National Association of Realtors. The report found home prices up 4 percent year-over-year during the fourth quarter of 2022. But while they were still rising at the end of last year, … [Read more...]
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