New homes are generally more expensive than previously owned homes. That's not surprising. Anything brand new typically costs more than something used. But if you're a prospective home buyer who's been reluctant to consider buying a new house because of the price tag, the latest Housing Market Index from the National Association of Home Builders has good news for you. The index – which is based on a monthly survey of home builders – found one in five say they've reduced their prices in the past month. Of course, … [Read more...]

A new quarterly report from the National Association of Realtors found the median home price reached a new record high during the second quarter. By the end of June, it was up to $413,500. That's after the vast majority of metro areas saw double-digit price gains from the year before. Put simply, it got more expensive to buy a home this spring. But though buying got more costly during the first half of the year, could the second half of the year bring buyers some relief? Maybe, according to Lawrence Yun, NAR's … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were mostly calm last week, after two consecutive weeks of declines. There was only slight movement among different loan types. For example, rates increased for 30-year fixed-rate loans with both conforming and jumbo balances but were down for loans backed by the Federal Housing Administration. Rates for 15-year fixed-rate mortgages were unchanged from the week before. Joel Kan, MBA's associate vice president of … [Read more...]

The number of homes for sale is growing at a record pace, according to new numbers from the National Association of Realtors' consumer website. Their Monthly Housing Trends Report shows active listings increased 30.7 percent year-over-year in July. It was the third month of gains, and a good sign for home buyers. Why? Because low inventory has been the main thing driving home prices higher and more available homes for sale will help slow future increases. Danielle Hale, the website's chief economist, says the … [Read more...]

The housing market has shifted and Americans are still adjusting to the change, according to the results of Fannie Mae's most recent Home Purchase Sentiment Index. The index is based on a survey of Americans which asks them for their perception of the current housing market and their personal financial situation. In July, survey respondents were less optimistic than they've been in months past, with fewer participants saying they feel now is a good time to buy or sell a house. But while market sentiment has fallen, … [Read more...]

Equity is the difference between what your home is worth and what you owe on your mortgage. Which means, it's a good thing to have – and, these days, nearly half of all homeowners do. In fact, according to ATTOM Data Solutions' second-quarter 2022 U.S Home Equity & Underwater Report, 48.1 percent of mortgaged residential properties are now considered equity rich - meaning the amount homeowners owe on their home is less than 50 percent of the home's market value. The share of equity-rich homes is up from 34.4 … [Read more...]

A competitive housing market can be stressful for home buyers. When there are more buyers than homes for sale, available homes sell quickly and for more than their asking price. It can put pressure on buyers and their budgets. So how competitive is today's market? Well, one good measure of competitiveness is showing activity. The higher the number of average showings per listing, the more competition there likely is between buyers. Fortunately for today's home shoppers, showing activity has been slowing. In fact, … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates saw their biggest decline in two years last week. Rates fell 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. Joel Kan, MBA's associate vice president of economic and industry forecasting, says lower rates could help spark more buying activity. “The drop in rates led to increases in … [Read more...]

Home buyers are finally getting some relief from the housing market's inventory issues. For years now, there have been too few homes available for sale. That can make it difficult for buyers to find a house that fulfills their wishlist and fits their budget. Put simply, it's frustrating. But recent data has shown the number of homes for sale is beginning to improve. And, according to newly released numbers from the U.S. Census Bureau and the Department of Housing and Urban Development, that's particularly true in … [Read more...]

The past couple of years have been good to home sellers. A historically low number of homes for sale combined with elevated demand from buyers made conditions perfect to sell a home quickly and for a great price. But this year, things have been changing. The housing market has begun to cool. The number of homes for sale has started to rise while buyer demand has slowed. So is it still a good time to sell a home? Well, according to new numbers from ATTOM Data Solutions it is. Their quarterly 2022 U.S. Home Sales … [Read more...]