November is mostly known for darker days, colder weather, and Thanksgiving. It's not typically known for home shopping. But this year, buyer demand has been anything but typical – and November was no exception. In fact, according to the National Association of Realtors' most recent Pending Home Sales Index, the number of contracts to buy homes signed during November was the highest ever for the month. Additionally, contract activity was 16.4 percent higher than last year at the same time. Lawrence Yun, NAR's chief … [Read more...]

The S&P Case-Shiller Home Price Indices isn't the only index tracking home-price activity, but it's among the most closely followed. And, according to their most recent release, prices are rising. In fact, they were up 8.4 percent year-over-year at the end of October. Craig J. Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices, says prices were increasing pre-COVID and have only accelerated since then. “We've noted before that a trend of accelerating increases … [Read more...]

It seems just about everything about the way we live changed in 2020. Home buying was no exception. The coronavirus altered both the way we shop for homes and what we we look for in a house. With more Americans able to work from home, there was a well-documented spike in searches for homes further from city centers, in suburbs and exurbs. There's also been sustained demand for bigger homes with more rooms. In fact, according to one recent analysis, buyer demand for homes with more bedrooms and extra space saw … [Read more...]

November sales of newly built, single-family homes were 20.8 percent higher than they were at the same time last year, according to new numbers released by the U.S. Census Bureau and the Department of Housing and Urban Development. The gains are an encouraging sign, especially when combined with recent improvements in residential construction numbers. The new home market is vital to the housing market's overall health, especially at a time when for-sale inventory is low – as it is now. And since new home … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were relatively unmoved last week from the week before. Rates for 30-year fixed-rate mortgages with conforming loan balances were flat from one week earlier, while jumbo loans, loans backed by the FHA, and 15-year fixed-rate mortgages all saw declines from the previous week. Joel Kan, MBA's associate vice president of economic and industry forecasting, says rates remain at record lows. “Mortgage rates are closing the … [Read more...]

New numbers from the National Association of Realtors show just how quickly homes are selling these days. Their monthly measure of existing-home sales found that the typical property sold in 21 days in November. In fact, 73 percent of homes sold were on the market for less than a month. Lawrence Yun, NAR's chief economist, says that the housing market continues to thrive. “Home sales in November took a marginal step back, but sales for all of 2020 are already on pace to surpass last year's levels,” Yun said. “Given … [Read more...]

The number of homes available for sale has been lower than normal for a while now. In many markets, there aren't enough homes for sale to meet buyer demand, and – since there are more buyers than available homes – prices and competition continue to rise. In short, more new homes are needed. So it's encouraging that the most recent residential construction report from the U.S. Census Bureau and the Department of Housing and Urban Development shows more new homes are under construction and permits to build are also … [Read more...]

The National Association of Home Builders conducts a monthly survey to measure how optimistic builders are in the market for newly built homes. Their Housing Market Index scores responses on a scale where any number above 50 indicates more builders view conditions as good than poor. The results are seen as a good indicator of housing health, as a home builder's business is dependent on being able to read the market and anticipate buyer demand. In December, the Index fell four points to 86, after hitting a record … [Read more...]

The housing market in 2020 has been surprisingly resilient. Though coronavirus-mitigation efforts stalled what was forecast to be a strong spring, the market came back quickly and its hot summer carried into fall. But can the real-estate market continue its current pace in 2021? Well, according to the most recent outlook from Fannie Mae's Economic and Strategic Research Group, the answer is mixed. Doug Duncan, Fannie Mae's senior vice president and chief economist, says they expect it'll be a good year, if a bit … [Read more...]

Home buyers have a lot to think about. After all, there's a laundry list of factors, features, and amenities to consider when deciding on a house to buy. Everything from the size of the kitchen to the neighborhood and school district is up for discussion. So it isn't surprising that homes for sale in areas at high risk of flood or fire might give buyers pause. But a new analysis from the National Association of Realtors' consumer website shows exactly how that hesitation affects home prices in those locations. … [Read more...]