The S&P Case-Shiller Home Price Indices have been tracking home prices for more than 30 years and are considered among the leading measures of U.S. home values. According to the latest release – which contains data through the end of June – home prices are up 4.3 percent over last year at the same time. But while prices continue to increase, they are doing so at a slower pace. In fact, June's increase was flat from the month before and both the 10- and 20-City Composites saw declines. Craig J. Lazzara, managing … [Read more...]
Homes For Sale Are Selling Fast This Summer
Before the coronavirus' onset in mid-March, most industry analysts were forecasting a hot housing market this year. Buyer demand was up and the inventory of homes for sale was lower than normal. Inevitably, that combination would lead to homes selling quickly, competition among buyers, bidding wars, and price increases. But then the pandemic took hold and many economists pulled back and adjusted their outlook for what seemed like it'd be an enormous obstacle for hopeful home buyers and sellers this year. … [Read more...]
Builder Confidence Rebounds To All-Time High
The National Association of Home Builders' Housing Market Index measures builder confidence in the market for newly built single-family homes. The survey, which has been conducted for the past 35 years, scores builders' responses on a scale where any number above 50 indicates more builders view conditions as good than poor. In August, the index reached a score of 78, which matches its all-time high set in 1998. Robert Dietz, NAHB's chief economist, says the housing market's rebound has been a bright spot during the … [Read more...]
How Lumber Costs Affect The Price Of Homes
Housing conditions are largely dictated by supply and demand. Take a look at the balance of interested buyers to available homes and you can get a good idea where the market is headed. But while that seems simple enough, the underlying factors that cause shifts in supply and demand are less clear cut. That's because there are an almost infinite number of things that might play a role. Everything from the global economy to the time of year can affect the balance of buyers and homes for sale. For example, the typical … [Read more...]
Are Home Price Increases Beginning To Slow?
The S&P Case-Shiller Home Price Indices are considered the leading measure of U.S. home prices. According to their most recent release, which covers data through the end of May, national home prices are up 4.5 percent year-over-year – which is down from 4.6 percent in the previous month's report. Craig J. Lazzara, managing director and global head of index investment strategy at S&P, says though home prices are still increasing, they may be rising at a slower rate than before. “In contrast with the past … [Read more...]
Demand For Purchase Loans Continues To Rise
According to the Mortgage Bankers Association's Weekly Applications Survey, demand for home purchase loans increased 2 percent last week and is now 19 percent higher than it was last year at the same time. The improvement comes during a week when average mortgage rates were mostly flat, with only rates for loans backed by the Federal Housing Administration seeing a significant drop. Overall, though, mortgage rates remain near all-time lows. Joel Kan, MBA's associate vice president of economic and industry … [Read more...]
Delayed Spring Buyers Become Summer Shoppers
At the beginning of the year, most analysts were predicting a hot spring sales season for the housing market. But in the wake of the coronavirus outbreak, a lot of prospective home buyers put their plans on hold. Now, it appears they're ready to buy. According to a new analysis, contract signings were up 15 percent month-over-month during the last week of June and the typical home for sale was sold in just 19 days. That's good news for the housing market, as it means spring's crashing sales numbers will likely see … [Read more...]
The Increasing Popularity Of Guest Dwellings
Accessory dwelling units (ADUs) are defined as secondary, self-contained housing units located on the same lot as a primary single-family home. In other words, guest houses, in-law apartments, garage apartments, and carriage houses. In most cases, these dwellings include a bathroom, kitchenette, living area, and a separate entrance. They're also increasingly popular among Americans living in regions where population growth and cost-of-living is on the rise. In fact, according to a newly released study from Freddie … [Read more...]
Mortgage Rates Continue Downward Trend
According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell again last week, with rates down for 30-year fixed-rate mortgages with conforming loan balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. Rates for jumbo loans were flat from the week before. The drop in rates led to a 12 percent increase in refinance activity. Purchase demand, on the other hand, was down for the week, though still 16 percent higher than last year at the … [Read more...]
Competition Rises As Summer Market Heats Up
When there are more home buyers than there are homes for sale, prices rise. Mostly, that's because buyers have to compete with each other for available homes by offering to pay more than the seller is asking. But while competition and bidding wars are good for home sellers, it can cause stress for buyers. That's why home shoppers in today's market need to be prepared. In most metros, buyer demand is high while the inventory of homes for sale is low. That means, a lot of hopeful home buyers are facing competition. … [Read more...]
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