Next year should be a good one for the housing market, according to new remarks from Lawrence Yun, the National Association of Realtors' chief economist. Yun, speaking at the NAR's convention in San Francisco, said he expects both existing-and-new home sales to increase next year. In fact, he expects a 3.7 percent year-over-year increase in the number of previously owned homes sold in 2020. That would make it the best year since 2017. But he expects an even bigger increase in new home sales. Yun says he believes … [Read more...]

First-time home buyers typically account for a large share of the houses sold each year. In fact, historically, they've represented around 40 percent of all home sales. However, over the past decade – due, in part, to factors such as student loan debt, the housing crash, and a lack of affordable inventory – the number of first-time buyers has fallen. According to a new analysis from TransUnion, that may be about to change. Their analysis projects at least 8.3 million first-time buyers will enter the market over the … [Read more...]

Each month, Fannie Mae surveys Americans to gauge their interest in buying a home. Their Home Purchase Sentiment Index asks respondents for their feelings about the housing market, mortgage rates, home prices, their personal financial situation, employment, and whether or not it's a good time to buy or sell a home. According to the most recent survey, home buying sentiment remains high, though down from the month before. Doug Duncan, Fannie Mae's senior vice president and chief economist, says a lack of affordable … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell last week across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. Rates are now down significantly from where they were last year at the same time and the improvement has caused increased demand for mortgages. In fact, refinance applications are up 144% percent over year-before levels … [Read more...]

When you buy a house, there's really no telling how long you'll end up living there. Some people buy a home thinking they'll stay a few years and end up living there decades. Others buy a house thinking it'll be their long-term home, then find themselves on the market for a new one sooner than later. But how long does the typical homeowner stay in one place? Well, according to a recent survey, the answer is longer than they used to. That's because, results show American homeowners typically stay in their home for … [Read more...]

Forecasting the future isn't easy. But, at the end of each year, economists, experts, and analysts use various trends and indicators to make their best predictions for what will happen over the next 12 months. So what are they saying about housing market conditions in 2020? Well, the earliest forecasts are positive. In fact, according to Freddie Mac, the housing market is among the only parts of the economy that looks solid. “Economic growth has slowed significantly across the globe, but the slowdown has been more … [Read more...]

Because building more homes is the easiest way to solve the problem of too few homes for sale, new residential construction gets a lot of attention. But the number of homeowners listing their homes for sale also plays a role in determining current inventory. And, if new numbers from the National Association of Realtors' consumer website are any indication, there are fewer homeowners selling houses this year than there were last year at the same time. According to the numbers, new listings have fallen 3.4 percent … [Read more...]

Naturally, home prices are among the first things potential home buyers look at when deciding whether or not it's time for them to make a move. After all, they are the easiest housing-market barometer to read. It requires no expertise, for example, to look up homes for sale in any area and get a feel for how expensive or affordable they are. So where are home prices today and where might they be headed? Well, according to the S&P CoreLogic Case-Shiller Indices – which is considered a leading measure of U.S. … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, demand for loans to buy homes is now 10 percent higher than at the same time last year. That demand remains above year-before levels despite low inventory and rising prices is further evidence that low interest rates continue to help home buyers handle today's market challenges. Joel Kan, MBA's associate vice president of economic and industry forecasting, says the trend should continue. “Mortgage applications were mostly unchanged, with … [Read more...]

Pending home sales increased for the second consecutive month, according to new numbers from the National Association of Realtors. Their Pending Home Sales Index – which measures the number of contracts to buy homes signed each month – saw a 1.5 percent improvement over the month before. Signed contracts are now 3.9 percent higher than last year at the same time. Lawrence Yun, NAR's chief economist, says historically low mortgage rates are the main factor driving sales right now. “Even though home prices are rising … [Read more...]