The typical home for sale was on the market just 20 days in February, according to new data released by the National Association of Realtors. That's a record low and down from 36 days last year at the same time. But while elevated demand from buyers plays a role, too few homes for sale is the chief reason homes are selling so quickly. The NAR's report shows that – while the number of homes for sale did improve month-over-month – nationally, it's down nearly 30 percent from where it was one year ago. According to … [Read more...]

New data released by the U.S. Census Bureau and the Department of Housing and Urban Development shows the number of new homes that began construction in February was 10.3 percent lower than the month before. The decline marked the second consecutive month home building slowed. In a housing market starved for additional inventory, this may seem like discouraging news. After all, if home building slows and the number of homes for sale doesn't pick up, prices will continue to spike, affordability will suffer, and … [Read more...]

The price a home is listed for isn't necessarily the price its buyer will pay. That's especially true when the number of homes for sale is low, as it is now. In short, when there are fewer homes for sale it makes competition among buyers more likely. And when there's competition, there are bidding wars. So how common is it these days that a prospective home buyer will have to offer more than the homeowner is asking in an effort to beat offers from other buyers? Well, according to new numbers from one recent … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were up slightly last week from the week before, with increases seen for 30-year fixed-rate loans with conforming loan balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. Jumbo loans were flat from one week earlier. But though rates are now at their highest point since last June, demand for home purchase loans continues to rise. Last week, it was up 2 percent week-over-week … [Read more...]

Traditionally, before you make an offer on a house, you go see it in person. After all, buying a home is a major financial transaction. You wouldn't want to make that kind of commitment without seeing exactly what you were purchasing. But these days, there are other ways to see a property and home buyers are becoming increasingly comfortable with them. In fact, digital and online tools have become more widely accepted among buyers since the coronavirus pandemic began – especially, younger ones. For example, … [Read more...]

The housing market has done pretty well in the year since the coronavirus' onset. Following an initial slowdown, home buyers bounced back in the months after the pandemic began. Then, the market benefited from record low mortgage rates and remote work – which helped fuel Americans' interest in making a move. As a result, buyer demand surged and stayed high through the end of 2020 and into 2021. But while most measures of the market show it now surpassing pre-pandemic levels, new listings are one that continues to … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates increased last week from the week before. In fact, rates were up 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. As a result, demand for refinance applications fell 5 percent from the week before. Demand for loans to buy homes, however, increased 7 percent. Joel Kan, MBA's associate … [Read more...]

Fannie Mae's Home Purchase Sentiment Index is a monthly survey that looks at how Americans feel about buying and selling homes in today's market. The survey asks participants for their opinions on home prices, mortgage rates, their personal financial situation, job security, etc. In February, the index was relatively flat. Results show fewer respondents said it was a good time to buy or sell a home than did the month before. There was also an increase in the number of respondents who said they believe home prices … [Read more...]

It'd be easy to get the impression that buying a house is becoming unaffordable. After all, home price increases only seemed to accelerate after last year's hot summer market. In fact, one recent report from the National Association of Realtors found that 88 percent of metro areas saw double-digit price gains during the fourth quarter of last year. But despite those price gains, the same report also found that the income required to afford a 30-year fixed-rate mortgage with a 20 percent down payment hadn't changed … [Read more...]