It's no secret that the housing market has been more challenging this year. Higher mortgage rates, combined with still-high home prices, low inventory, and an uncertain economy, have had an effect on affordability conditions. It may have you wondering whether or not it's a good time to buy. After all, how many homes out there are actually affordable to the typical buyer? Well, according to the National Association of Home Builders' Housing Opportunity Index – which tracks how affordable new and existing homes are … [Read more...]
Number Of Available Homes For Sale Rises
The number of available homes for sale is up 42 percent from where it was last year at this time, according to new numbers from the National Association of Realtors' consumer website. The analysis – which looked at the housing market through the week ending November 5 – found active inventory up for the fourth consecutive week. That's good news for home buyers. It means more options, less competition, and more time to make buying decisions. In fact, the data shows homes for sale are spending an extra week on the … [Read more...]
Most Movers Prefer To Stay Closer To Home
The thought of moving to a far-off destination can be tempting. But while the fantasy of moving somewhere new is exciting, the reality is most of us prefer to stay closer to home. There are many reasons for this, some of which are obvious like family, friends, and work. Having connections to a place – not to mention the expensive of a long-distance move – keeps the vast majority of American movers close to where they already call home. In fact, according to one recent analysis, 83 percent of recent movers looked to … [Read more...]
Demand For Home Purchase Loans Increases
According to the Mortgage Bankers Association's Weekly Applications Survey, demand for loans to buy homes increased last week for the first time in more than a month. The improvement was slight and, when combined with a 4 percent drop in refinance activity, meant the MBA's Market Composite Index – which measures overall mortgage demand – was virtually unchanged from the previous week. Joel Kan, MBA's vice president and deputy chief economist, says demand remains low. “Purchase applications increased for the first … [Read more...]
What Are Home Buyers’ Biggest Misconceptions?
Home buyers are more likely to be focused on their budget, the latest listings, and the details of their upcoming move than they are the ups-and-downs of the housing market. Because of this, prospective buyers sometimes have misconceptions about what's happening in the market and what's likely to happen in the weeks and months ahead. So what are the biggest misconceptions today's buyers have about the market? Well, according to one recent survey of real-estate agents, many of today's aspiring buyers mistakenly … [Read more...]
Survey Asks Americans About The Housing Market
Each month, Fannie Mae surveys Americans about their perceptions of the housing market, whether it's a good time to buy or sell a home, their job, income, and expectations for home prices and mortgage rates. The results form its Home Purchase Sentiment Index, which has been tracking how we feel about the housing market and economy since 2011. According to the most recent results, Americans are feeling less confident these days. In fact, October's survey found a declining number of participants who say now is a good … [Read more...]
Share Of Homes With Price Reduction Rises
Higher mortgage rates have home buyers feeling more hesitant. But if you're a buyer who's concerned about declining affordability conditions, there may be some encouraging news in a recent release from the National Association of Realtors' consumer website. The data shows a rising number of homes for sale have had a price reduction. In fact, the share of homes with price reductions was up 10.3 percent to 20.9 percent in October. For comparison, price reductions were at 17 percent in 2019 and 21.2 percent in 2018. … [Read more...]
Rate Drop First In More Than Two Months
According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were mostly down last week. Rates for 30-year fixed-rate loans with conforming loan balances, loans backed by the Federal Housing Administration, 15-year fixed-rate loans, and 5/1 ARMs all fell from the week before. It was the first time mortgage rates decreased in more than two months. Joel Kan, MBA's vice president and deputy chief economist, says higher rates have been holding back demand. “These elevated rates … [Read more...]
Is A Buyers’ Market Just Around The Corner?
The past few years have favored home sellers. Fewer homes available for sale pushed competition between buyers and drove home prices higher. It was clearly a sellers' market. It still is. In fact, according to one recent analysis, the majority of markets continue to favor sellers, with 51 of the country's largest 100 housing markets remaining sellers' markets. Among them, smaller metros were more likely to favor sellers than areas with populations more than 1 million people. But with affordability conditions in … [Read more...]
Age Of Inventory Rises 45% From Last Year
Homes that sell are still selling quickly. The typical home that went pending in September found a buyer in just 19 days. But when you look at the inventory of homes for sale – including those that haven't yet found a buyer – the number of days on market is a bit higher. In fact, it's currently closer to 54 days, which is a 45 percent increase from last year at this time. Why does this matter? Well, because it indicates that homes for sale are beginning to linger on the market a little longer. That's good for … [Read more...]
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