Sales of previously owned homes surged 14.5 percent in February, according to newly released numbers from the National Association of Realtors. It was the first improvement in 12 months and the largest month-over-month gain since July 2020. Lawrence Yun, NAR's chief economist, says buyers capitalized where affordability conditions improved. “Conscious of changing mortgage rates, home buyers are taking advantage of any rate declines,” Yun said. “Moreover, we're seeing stronger sales gains in areas where home prices … [Read more...]

It isn't always easy to gauge where the housing market is headed – especially in times of transition. So it's not surprising that some potential home buyers are feeling uncertain after last year's market volatility. Fortunately, though, if you're wondering where things will head from here, there are places to look for hints. One good gauge is home builders. If home builders are building homes, it's because they believe they can sell them. Which means, it's an encouraging sign when builders are active and optimistic … [Read more...]

Getting ready to sell a home can be a lot of work. Depending on the condition of the house, there may be a need for some repairs, touchups, and upgrades before it hits the market. Which is to say, selling a house requires a plan. It's not something you do on a whim. However, for those of you who have been planning to sell your house this spring and are wondering when exactly you should list it, a new report from the National Association of Realtors' consumer website has your answer. According to their analysis, the … [Read more...]

When there are too few homes for sale, the new home market can help fill the gap and give buyers more options. That's certainly the case today, as the available inventory of existing homes for sale remains low. Which means, buyers who haven't had success finding a previously owned home may consider buying new. And, according to the latest Housing Market Index from the National Association of Home Builders, that has home builders feeling more optimistic. “Even as builders continue to deal with stubbornly high … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell last week from the week before. Rates were down for 30-year fixed-rate loans with both conforming and jumbo balances, 15-year fixed-rate loans, and 5/1 ARMs. Interest rates for loans backed by the Federal Housing Administration saw a small increase. Joel Kan, MBA's vice president and deputy chief economist, says demand for loans to buy homes rose as a result. “Home-purchase applications increased for the second … [Read more...]

You can tell a lot about where Americans want to live by paying attention to where home builders are building the most homes. Builders respond to buyer demand – so if residential construction is rising in any particular area, the number of interested buyers is also likely increasing. That's why the National Association of Home Builders' Home Building Geography Index tracks building conditions and permits in various markets across the country. The data can be a good gauge of where Americans – and current housing … [Read more...]

A million dollar city – as defined by a recent analysis of home values – is any area where the typical home is worth $1 million or more. Last year, the number of million dollar cities hit a record high, reaching 522 in July when the housing market peaked. In subsequent months, though, the market has slowed and the number of million dollar cities has fallen. In fact, the most recent numbers show there are 58 fewer million dollar cities than there were last summer. Currently, there are 464 million dollar cities, with … [Read more...]

Choosing the right neighborhood is important. Your neighborhood will be a big determiner of how happy you are in the home you buy. That's especially true if you have children or are thinking of starting a family. Let's face it: some communities are more family friendly than others. So what are the factors you should consider when choosing a neighborhood? Well, according to one new analysis of the best areas to raise a family, the list includes schools, crime rate, child care options, walkability, cost of living, … [Read more...]

These days, home buyers are feeling a little cautious about the housing market. Its recent fluctuations have made them wonder whether now is the best time to buy a house. After all, where are things headed from here? Well, one recent survey of industry experts and economists tried to answer that question, specifically with regard to home prices. Their answer could help reassure hesitant home buyers. That's because survey respondents expect prices to remain relatively flat this year. They don't foresee a home price … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates rose again last week. Rates were 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. But despite higher rates, demand for mortgage loan applications still improved from one week earlier. In fact, measures of both refinance and purchase loan activity saw significant increases from the week before, with … [Read more...]