Obviously, the number of homes available for sale is important. After all, it has a big impact on affordability. For example, these days there are too few homes for sale in many markets and the resulting inventory crunch has pushed home prices higher. But many recent housing market forecasts say there should be a significant increase in the number of new homes built in 2020. Will it add enough supply to make homes more affordable for buyers? Fannie Mae's senior vice president and chief economist, Doug Duncan, says … [Read more...]
Mortgage Rates Remain Flat, Just Above Lows
According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were flat last week from the week before. There were slight increases to rates for 30-year fixed-rate mortgages with both conforming and jumbo balances and loans backed by the Federal Housing Administration. Rates for 15-year fixed-rate mortgages were unchanged week-over-week. But despite rates remaining just above historic lows, demand for mortgage applications fell from one week earlier. Michael Fratantoni, MBA's … [Read more...]
New Home Sales See Best Three Months Since 2007
As 2019 comes to a close, there are several signs that the housing market will be strong in the year ahead. Among them, new home sales might top the list. For example, according to the most recent numbers from the U.S. Census Bureau and the Department of Housing and Urban Development, sales of newly built single family homes are now nearly 17 percent higher than they were at the same time last year. Additionally, the past three months have been the best three months since 2007. In short, demand for new homes is … [Read more...]
Most Markets More Affordable Than Historic Average
Measuring housing-market affordability typically involves making some comparisons. Of course, with any comparison, what you discover depends on what you're comparing. Home prices, after all, could be down from where they were last month but up compared to the same time last year. That's why the best comparison is usually one that takes the broadest and longest view. For ATTOM Data Solutions' fourth-quarter 2019 U.S. Home Affordability Report, they calculated current affordability levels then compared them to their … [Read more...]
Homes Sell Quickly Even As Market Slows Down
New numbers from the National Association of Realtors show sales of previously owned homes down in November from the month before. The decline was mostly in the South and West, as the Northeast and Midwest saw gains month-over-month. But despite slowing from October's pace, homes are still selling quickly. In fact, 45 percent of the homes sold in November were purchased less than a month after listing. Lawrence Yun, NAR's chief economist, says low inventory is the primary factor causing unevenness in the market. … [Read more...]
Home Building Booms As 2019 Comes To A Close
Americans want to buy homes. The job market is strong, mortgage rates are low, and people are ready to make a move. However, though conditions are largely favorable for prospective home buyers, there are some remaining challenges. Among them, low inventory tops the list. In many markets, there are too few homes available for sale. And when there are more buyers than homes, finding a house to buy becomes more difficult. It also pushes prices higher. The quickest solution to this problem is building more homes. And, … [Read more...]
Survey Finds Rates Mostly Flat Last Week
According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were mostly flat last week, with rates seeing little change for 30-year fixed-rate loans with both conforming and jumbo balances. Rates were also flat for 15-year fixed-rate loans, though they fell for mortgages backed by the Federal Housing Administration. Overall, rates are hovering just above historic lows and it's helped boost mortgage demand. In fact, refinance activity is up 146 percent from last year and demand … [Read more...]
More New Homes Could Spell Relief For Buyers
With the job market strong, mortgage rates low, and buyer demand up, the housing market seems ready for a boom. But because there's been fewer homes for sale than normal, it hasn't happened. Now, according to a new forecast from the National Association of Realtors, things may be starting to change. That's because, the number of single-family homes expected to be built next year should total 1 million, which is the highest number since 2007. And, with more new homes being built and put on the market, buyers will … [Read more...]
Winter Is The Best Time To Buy A Home
Though spring and summer are the housing market's busiest time, winter may be the best time for buyers. In fact, according to a new analysis from ATTOM Data Solutions, winter buyers have the best chance of buying a home at a price below its estimated market value. The analysis found that December is the best month for buyers and the day after Christmas and New Year's Eve are the days offering the biggest discounts. Todd Teta, chief product officer with ATTOM, says buyers willing to make a deal during the busy … [Read more...]
Mortgage Rate Drop Pushes Demand Higher
According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell again last week, with rates dropping for 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. The decline follows a long-term downward trend that has pushed rates 115 basis points lower than they were at the same time last year. That's led to a significant bump in mortgage demand. Joel Kan, MBA's associate vice … [Read more...]
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