Sales of previously owned homes increased 4.3 percent in October, according to new numbers from the National Association of Realtors. The improvement marks the fifth consecutive monthly gain and puts sales 26.6 percent higher than they were last year at the same time. Lawrence Yun, NAR's chief economist, says home sales have now recovered what was lost earlier this year when pandemic-related shutdowns brought the market to a halt. “The surge in sales in recent months has now offset the spring market losses,” Yun … [Read more...]

There's a reason the National Association of Home Builders has surveyed builders each month for the past 35 years. It's because, when business is good for builders, things are generally good for the housing market and overall economy. In other words, if builders are doing well, things are heading in the right direction. And, if that's true, their most recent Housing Market index is an encouraging sign. That's because, the index – which is scored on a scale where any number above 50 indicates more builders view … [Read more...]

The Mortgage Bankers Association's Mortgage Credit Availability Index measures how easy or difficult it is for borrowers to secure financing. If the index increases, that means lending standards have loosened and borrowers should expect to have an easier time qualifying for a loan. When it tightens, the opposite is true. In October, the MBA found the index up 2.3 percent from the month before. Joel Kan, MBA's associate vice president of economic and industry forecasting, said it was the first increase since July. … [Read more...]

There are different types of competition. Some are more enjoyable than others. Competition on a golf course, for example, can be fun, while in the housing market, competition can cause buyers and their budgets stress. That's why a new report detailing how many homes for sale received multiple offers in October offers good and bad news. The good news is that the number of homes facing competition during the month fell slightly from the month before and is almost 3 percent lower than its peak in August. But while … [Read more...]

The monthly mortgage payment on the typical single-family home is now $1,059, according to new third-quarter data from the National Association of Realtors. Up $27 from last year, the increase comes as the NAR's most recent quarterly price report shows home prices up in every measured metro area. In fact, more than half of the included cities had double-digit increases and all four major regions were up year-over-year. Lawrence Yun, NAR's chief economist, says rising prices are going to affect affordability … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were down last week for 30-year fixed-rate mortgages with both conforming and jumbo balances. Loans backed by the Federal Housing Administration and 15-year fixed-rate loans were both unchanged from the week before. But despite rates still hovering near record lows, mortgage demand slowed from the week before. Joel Kan, MBA's associate vice president of economic and industry forecasting, says home buyer demand is … [Read more...]

Favorable mortgage rates have helped the housing market handle affordability challenges, low inventory, and the coronavirus. With record low rates counteracting continuing price increases, demand from home buyers has stayed strong and the market has been resilient. And fortunately, according to a recent forecast from Freddie Mac, low rates aren't going anywhere any time soon. “One of the main drivers of the strong housing recovery is historically low mortgage interest rates,” the forecast reads. “Given weakness in … [Read more...]

The share of Americans who say it's a good time to buy a home rose in October, according to a recent survey from Fannie Mae. The Home Purchase Sentiment Index – which measures Americans feelings about buying and selling homes, mortgage rates, prices, the job market, and their financial situation – found there was a 9 percent month-over-month gain in the number of respondents who say it's a good time to buy. Similarly, the share of participants who said it's a good time to sell a house also rose, climbing 6 percent … [Read more...]

Everybody knows about the economic damage the coronavirus pandemic has caused. But while the virus disrupted the overall economy, the housing market has showed remarkable resiliency. In fact, by most measures, it's outperforming year-before levels. One of those measures is homeowner equity. Homeowners gain equity when their home is worth more than what they owe on it. And, in 2020, it's been increasing. In fact, ATTOM Data Solutions' third quarter Home Equity & Underwater Report found that 16.7 million … [Read more...]

Shopping for a house is easier if there are more homes available for sale. After all, it's hard to find a place that checks off all the items on your wishlist when there are too few to choose from. That's why new data from the National Association of Realtors' consumer website is encouraging for fall home shoppers. According to the data, the number of newly listed homes has shown some improvement. And since overall for-sale inventory is down almost 40 percent from last year, that's good news. The numbers show new … [Read more...]