Despite the economic shock caused by the coronavirus pandemic, home prices have remained firm. Mostly that's because there were already too few homes for sale in many markets and the pandemic only made it worse. In other words, there were more buyers than homes for sale before the coronavirus hit in mid-March and there still are. But despite the market imbalance – which puts upward pressure on prices – many home sellers are listing their homes at a discount. In fact, according to a new analysis from Weiss … [Read more...]

Before you start looking at homes, you have to make some decisions. Where you'd like to live should be among the first. After all, you can't begin to calculate the costs and whether or not you can afford them without knowing what areas you'll be targeting. For example, would you prefer a place in the city or a house in the suburbs? Well, if new home construction is any indicator, many Americans are making the decision to move further away from city centers and into the inner and outer suburbs. According to a new … [Read more...]

The number of homes for sale has been lagging for years. It's been among the housing market's main challenges. That's because a lack of available homes combined with rising buyer demand leads to steady price increases and declining affordability. But while that can be good for homeowner equity, it's bad for buyers – especially first-time buyers who don't have the benefit of cashing in their equity to help fund a home purchase. This continuing imbalance only got worse when the coronavirus led to stay-at-home orders … [Read more...]

Coronavirus-related lockdowns began in mid-March and affected most of the country by April. So, naturally, expectations were that sales of new homes would tumble even further in April than the nearly 14 percent drop they posted in March. But surprisingly, new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development show sales actually increased month-over-month. In fact, sales of newly built single-family homes rose 0.6 percent to a seasonally adjusted annual rate of 623,000 units – … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, demand for loans to buy homes rose another 6 percent last week and is now just 1.5 percent below where it was during the same week one year ago. That represents a dramatic turnaround from where it was six weeks ago, when it was down 35 percent year-over-year. Joel Kan, MBA's associate vice president of economic and industry forecasting, says the rebound is an encouraging sign for the housing market. “Applications for home purchases continue … [Read more...]

The coronavirus hasn't just changed the way we shop for homes. It's also changed where we shop for homes. In fact, according to new data from one consumer real estate portal, prospective home buyers have been showing increasing interest in moving away from city centers and into less densely populated areas. For example, views of homes in small towns were up 105 percent year-over-year during the week ending May 1. In rural counties, page views climbed 76 percent. The surge in interest is even more impressive when … [Read more...]

Naturally, the coronavirus and efforts to slow its spread have affected the housing market. Early on, surveys showed home sellers were more pessimistic about conditions than buyers were. As a result, the number of homes for sale took a hit, as homeowners who had planned to sell this spring delayed their plans and took a wait-and-see attitude. But new data from the National Association of Realtors' consumer website shows that the number of new listings is starting to improve. While still far below last year's … [Read more...]

When considering where to live, there are some factors that are based on your specific preferences and others that are universal. For example, we may not all agree on the style of house we'd like but we all value our privacy. Security is another thing we can all agree on. Nobody wants to live somewhere where they don't feel safe. That's why, a new survey from Allegion is an eye opener. The survey, which asked millennials about their living situation, expectations for the future, and their sense of security found … [Read more...]

Fannie Mae's most-recent Home Purchase Sentiment Index found Americans aren't expecting big changes ahead for home prices and mortgage rates. The survey – which measures perceptions of the housing market and Americans' financial health – revealed that housing sentiment has fallen but, despite rising pessimism, consumers don't foresee significant changes to affordability factors in the coming year. In fact, survey results show 36 percent of respondents think home prices will stay the same over the next year, … [Read more...]

Predicting the housing market's future is always an inexact science. Trying to factor in the effects of a global health crisis makes it even more difficult. But one way to get a feel for where things might be headed is to ask potential home buyers and sellers about their plans, concerns, and perceptions. After all, what happens next is largely determined by what they do. That's why recent surveys showing Americans are still interested in pursuing their plans offer hope for a quick turnaround once stay-at-home … [Read more...]