If you're a homeowner who is thinking about making a move, ATTOM Data Solution's most recent U.S. Home Sales Report has good news for you. That's because the report – which looks at how much profit the typical home sale generated during the second quarter of this year – found that home sellers are seeing bigger profits than they did at the beginning of the year – and significantly more than at the same time last year. In fact, during the second quarter, the typical home sale generated a profit of $94,500. That's up … [Read more...]

The number of contracts to buy homes signed in June fell 1.9 percent from the month before, according to new numbers from the National Association of Realtors. In May, they were up 8 percent month-over-month. The dramatic swing continues an up-and-down trend pending sales have followed since the start of the year. Lawrence Yun, NAR's chief economist, says the volatility is due, in part, to rising home prices. “Buyers are still interested and want to own a home, but record-high home prices are causing some to … [Read more...]

The housing market's breakneck pace this spring may've caused, at least, some prospective home buyers to hesitate. Competition, bidding wars, and double-digit price increases will do that. After all, choosing a house to buy is already a big decision without the added pressure of a hot market. But if you're a buyer who's been waiting for the market to cool off, Fannie Mae's Economic and Strategic Research Group may have some encouraging news. The group – which releases a monthly outlook for the housing market and … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell last week from one week earlier. 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. Joel Kan, MBA's associate vice president of economic and industry forecasting, says the drop brought rates to their lowest level in months, and in some cases decades. “The 10-year … [Read more...]

Home prices are rising. That's no surprise to anyone who's been looking to buy or sell a home. In this market, there are more buyers than homes for sale and the imbalance has been pushing prices higher for months. In fact, according to the S&P Case-Shiller Home Price Indices – considered among the leading measures of U.S. home values – price growth broke records again in May. In other words, this year's housing market has been hot. But, according to Craig J. Lazzara, managing director and global head of index … [Read more...]

New numbers from the U.S. Census Bureau and the Department of Housing and Urban Development show sales of newly built single-family homes fell 6.6 percent in June from the month before. The decline was unexpected. In fact, economists polled before the report's release forecast a 3 percent increase from May's number. So what happened? Well, high home prices and the rising cost of building materials may have something to do with it. The median sales price of new homes sold during the month was $361,800. The average … [Read more...]

There's a reason living near a major metropolis has traditionally been more expensive than living further away. Put simply, it's where the jobs are. And, if you work in the city, you likely aren't going to want to live so far away that you have a two-hour commute there and back. Naturally, though, the pandemic has changed things. With more Americans able to work remotely, home buyers have a different set of priorities than they did even a few years ago. For example, a recent analysis of commute times and home … [Read more...]

Sales of previously owned homes increased 1.4 percent in June, according to new numbers from the National Association of Realtors. The month-over-month improvement pushed home sales 22.9 percent higher than they were last year at the same time. Lawrence Yun, NAR's chief economist, says the number of available listings has improved and it's helping home sales. “Supply has modestly improved in recent months due to more housing starts and existing homeowners listing their homes, all of which has resulted in an uptick … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were mostly down last week, with decreases seen for 30-year fixed-rate mortgages with jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. Rates for 30-year mortgages with conforming loan balances rose slightly from the week before. Joel Kan, MBA's associate vice president of economic and industry forecasting, says mortgage rates are being affected by coronavirus concerns. … [Read more...]

Today's housing market is short of available homes but not interested buyers. That's why home prices and competition have been rising. It's also why industry experts have been focused on the number of new homes being built. The best way to solve a supply shortage, after all, is to add supply. So new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development are good news for home shoppers. The data shows that the number of new homes that began construction in June was 6.3 percent higher … [Read more...]