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...]

Homeowners who sold their homes during the first quarter of 2020 saw a 33.7 percent return on investment compared to the original purchase price, according to new numbers from ATTOM Data Solutions. The typical home sale resulted in a $67,100 price gain – which is an increase over the fourth quarter of 2019 and up from $59,000 one year earlier. The numbers are evidence that the housing market was strengthening at the start of the year. Todd Teta, ATTOM's chief product officer, says, though its clear the market had … [Read more...]

There is growing evidence that home buyer demand is beginning to bounce back. After plunging in March, as coronavirus-related stay-at-home orders were put in place, buyers are coming back to the market and expressing interest in available homes for sale. But they may have some surprises in store. That's because, while the coronavirus has shocked the economy and disrupted the beginning of the spring sales season, it hasn't led to a decline in home prices. In fact, it's caused the already low inventory of homes for … [Read more...]

According to Freddie Mac's newest quarterly forecast, most of the economic damage from the coronavirus will be felt in the first half of the year. This is in line with other recent economic outlooks. But while Freddie Mac's Economic & Housing Research Group sees a recovery beginning during the third quarter of this year, they expect the economy to take a while to get fully back on its feet. So what should we expect from home prices and mortgage rates in the meantime? Well, surprisingly, not that much. For … [Read more...]