In October, sales of newly built, single-family homes were relatively flat from the month before, according to a new report from the U.S. Census Bureau and the Department of Housing and Urban Development. But, despite a flat month, they're now up 32 percent from last year at the same time. That's because September's sales estimate was revised upward and, combined with October's results, the two months were the best for new home sales since 2007. So what's driving the sales surge? Well, a couple of things. One is … [Read more...]
Demand From Buyers To Keep Housing Strong
The economy has many parts. And, naturally, the housing market plays a role. When its strong, it can add to economic growth. When it isn't, it can drag the economy down. According to the latest forecast from Fannie Mae's Economic and Strategic Research Group, it's currently strong and adding to growth for the first time in a year and a half. Doug Duncan, Fannie Mae's senior vice president and chief economist, says buyer demand is responsible and, if not for inventory issues, the market might even be stronger. “As … [Read more...]
Where Are The Best Places To Buy Rental Property?
Owning a rental property can seem like a great investment and a good way to make additional income. But, if you aren't a professional real estate investor with experience managing properties, it can be more difficult than it looks. You can also quickly find yourself paying multiple mortgages, if you have homes to rent but no interested tenants. Obviously, there are a lot of factors that play into how successful a rental property is but location probably tops the list. After all, some areas are more desirable than … [Read more...]
Mortgage Rates Remain Low After Decline
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. The decline keeps rates favorable and just above historic lows. It's one of many current housing trends good for prospective home shoppers. Joel Kan, MBA's associate vice president and economic and industry forecasting, … [Read more...]
Builder Confidence Remains Near 2019 Peak
Each month, the National Association of Home Builders surveys builders to gauge their confidence in the market for newly built homes. The NAHB's Housing Market Index scores responses on a scale where any number above 50 indicates that more builders view conditions as good than poor. In November, the index fell one point to 70 but remains near its 2019 peak of 71. Greg Ugalde, NAHB's chairman, says builders are reporting positive conditions. “Single-family builders are currently reporting ongoing positive … [Read more...]
Affordability Hits Highest Level In Three Years
No one buys a house without first asking themselves some questions. The most important of those questions is usually whether or not they can afford it. After all, none of the other factors that play a part in a decision to buy matter a whole lot if it isn't going to work financially. That's why a new report from the National Association of Home Builders is encouraging news. Their most recent Housing Opportunity Index found that affordability is now at its highest level in three years. In fact, the quarterly report … [Read more...]
Home Purchase Loans Up 15% From Last Year
According to the Mortgage Bankers Association's Weekly Applications Survey, demand for loans to buy homes is now 15 percent higher than it was last year at the same time. The improvement follows a 5 percent week-over-week increase in the MBA's Purchase Index. Joel Kan, associate vice president of economic and industry forecasting, says the gains are positive but mostly concentrated on the high-end of the housing market. “Last week was a solid week for home buyers,” Kan said. “Purchase applications increased 2 … [Read more...]
Rising Sales To Be Led By New Home Increase
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...]
Is A Buyer Boom On The Horizon?
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...]
Americans Remain Confident In Housing Market
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...]
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