Temperature isn't the only thing that falls when the seasons change. If you follow the housing market, you know that the number of active buyers and available listings also begin to fall. It makes sense. The school year, the approaching holidays, and colder weather all have an effect on our willingness to buy or sell a home. And while this year's market has been hotter than normal, that doesn't mean we won't see the same seasonal trends as we head into winter. According to one recent report, it may already be … [Read more...]
Typical Home Sale Generates $100,000 In Profit
Unless you're a real-estate investor, your primary focus when buying or selling a home shouldn't be profit. Your home, after all, is more than a mere investment. It's where you spend your life. But while your motivation may not be money, new numbers from ATTOM Data Solutions show that it could be a nice side benefit. Their third-quarter 2021 U.S. Home Sales Report found that the typical home sold this summer generated a profit of $100,178. That's up from $88,800 in the second quarter and $69,000 at the same time … [Read more...]
Mortgage Loan Demand Falls 3.3 Percent
According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell last week for the first time since August. Rates were down 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. But despite declining rates, demand for mortgage loan applications fell 3.3 percent from the week before. Joel Kan, MBA's associate vice president of economic and industry … [Read more...]
How Do Today’s Rates Compare To Years Past?
When you buy most things, you only have to consider their price. Buying a home is different. Whether or not a home is affordable depends on a number of factors beyond the list price. Mortgage rates, for example. The mortgage rate you lock in when you purchase your home helps determine how much your monthly payment will be. Which means, it's important for home buyers to know where rates are and where they may be headed. In recent years, rates have been low. How low? Well, by historical standards, very low. According … [Read more...]
Fewer Buyers Look To Move Metros In 3rd Quarter
For a number of reasons, the coronavirus pandemic caused many Americans to rethink their living situation. Remote work and more time at home meant many of us began thinking about moving somewhere new, further from city centers where we could have more space for less money. But now, more than a year and a half later, the surging interest in moving metros looks like it's starting to wane. In fact, according to newly released data, 30.2 percent of prospective buyers looked at homes in a new area during the third … [Read more...]
Contracts To Buy Down In September
Buying a house takes some time. Typically, there are several weeks between the time an offer is accepted and the deal is closed. That's why contract signings are a closely watched measure of housing-market health. They're a good indicator of future home sales and a gauge of how busy the market currently is. The National Association of Realtors tracks contract signings with their monthly Pending Home Sales Index. In September, it showed a 2.3 percent decrease from the month before, pushing it 8 percent lower than … [Read more...]
Home Prices Still Rising But At A Slower Pace
The S&P Case-Shiller Home Price Indices is considered among the leading measures of U.S. home prices. Their data covers all nine census divisions and has been collected for nearly 30 years. According to their most recent release, home prices continue to increase but have begun to decelerate. In fact, both the 10-city and 20-city composite indexes showed a slower rate of increase in August than they did the month before. Still, S&P's managing director and global head of index investment strategy, Craig … [Read more...]
Home Purchase Demand Rises As Rates Climb
According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates increased last week from one week earlier. Rates were up 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. The increases continued an upward trend that started last month. They also pushed rates to their highest level since February. But despite higher rates, home buyers remained active. In fact, demand for … [Read more...]
New Home Sales Hit 6-Month High In September
In September, sales of newly built single-family homes increased 14 percent from the month before, according to new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development. The improvement exceeded economists' expectations and pushed sales to their highest level since March. But despite the gains, new home sales are still 17.6 percent lower than they were at the same time last year. Why? Well, affordability is a big part of the reason sales trail last year's pace. For example, the … [Read more...]
Report Tracks Which Markets Face Pandemic Risks
The housing market has remained remarkably strong throughout the coronavirus pandemic. But while it rebounded quickly and has stayed hot since, the market still faces pandemic-related risks. That's why ATTOM Data Solutions releases a report each quarter, tracking the pandemic's effects and which markets are most threatened. Todd Teta, ATTOM's chief product officer, says the risks aren't immediate but are still worth watching. “It's important to stress that this doesn't mean that any one area faces imminent danger, … [Read more...]
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