The typical home sold in March was on the market for just 18 days, according to the National Association of Realtors' most recent existing-home sales report. That's down from 29 days last year at the same time. It's also a record low. Lawrence Yun, NAR's chief economist, says buyers remain active despite the market's fast pace this spring. “Consumers are facing much higher home prices, rising mortgage rates, and falling affordability, however, buyers are still actively in the market,” Yun said. “The sales for March … [Read more...]

In a normal year, homeowners who want to sell can strategize when the best time for them to list their home might be. For example, it's generally considered less optimal to put a home up for sale during the dead of winter or the holiday season. But with a pandemic and a lower-than-normal number of homes for sale, when's the best time for a homeowner to sell this year? Well, according to the National Association of Realtors' consumer website, the best time might be right now. “Unlike 2020 when COVID upended the … [Read more...]

When the coronavirus vaccines were first announced last fall, expectations for the economy began to grow. Economists predicted the economy would rebound as newly vaccinated Americans returned to activities restricted by the pandemic. Now, according to the most recent forecast from Fannie Mae's Economic and Strategic Research Group, the rebound has started. “The ramp-up we'd previously forecast for the economy is underway, as evidenced by, among other measures, increasing airline passenger reservations and … [Read more...]

If you've been shopping for a house in the past few weeks, you've likely already noticed that the spring housing market is off to a hot start. Typically the time of year when home buyers and sellers get active after a long winter, spring is always busy – but this year is different. Not only is it the first spring market following a year of coronavirus restrictions and mitigation efforts, but a lower-than-normal number of homes for sale has led to some record breaking numbers. For example, according to one recent … [Read more...]

Each month, the National Association of Home Builders conducts a survey to gauge how confident builders are in the market for new homes. Their answers are then scored on a scale where any number above 50 indicates more of them view conditions as good than poor. In April, the NAHB's Housing Market Index scored an 83. The results are an indication that builders are optimistic in the market, despite ongoing supply-side challenges like the skyrocketing price of lumber. Robert Dietz, NAHB's chief economist, said the … [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 mortgages with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. But despite decreasing rates, demand for mortgage applications fell as well. In fact, refinance activity was down 5 percent week-over-week and demand for loans to buy homes … [Read more...]

Among the costs of homeownership, property tax may be the easiest to overlook. Prospective home buyers already have to think about their down payment, closing costs, and monthly mortgage payment. So, checking into what their potential property-tax bill might be can end up an afterthought. But it shouldn't be. Mostly because it can be a fairly significant amount, depending on where you're buying. So what should you expect? Well, according to ATTOM Data Solutions' most recent analysis, the average property tax for a … [Read more...]

The number of Americans working remotely skyrocketed after the coronavirus took hold last March. And with newfound freedom to work from anywhere, how and where we live began to change. For one, home buyers began looking for properties in suburbs and exurbs, further from city centers. Another example can be found in recent data showing that the number of home buyers locking in mortgage rates for second homes has risen 128 percent since last year at the same time. That's almost four times the increase primary homes … [Read more...]

The Mortgage Bankers Association's Mortgage Credit Availability Index measures how easy or difficult it is for prospective borrowers to get approved for a mortgage. When credit availability is tight, it is harder to get a mortgage. When credit loosens, it means lending standards have eased. In March, the index rose 0.6 percent, indicating that mortgage credit has become more available. Joel Kan, MBA's associate vice president of economic and industry forecasting, says the economy and job market are making it easier … [Read more...]

When there are more home buyers than homes for sale, that's a seller's market. Homeowners can get top dollar for their homes, since buyers have fewer options to choose from. That's the case in today's market. And, according to Fannie Mae's most recent Home Purchase Sentiment Index, Americans are noticing. In fact, the survey component measuring whether respondents think it's a good or bad time to sell a house saw a 13 percent increase in participants who said now is the right time to sell. Doug Duncan, Fannie Mae's … [Read more...]