Consumers Felt Slightly More Optimistic About The Housing Market In October

Consumers Felt Slightly More Optimistic About The Housing Market In October

Consumers were feeling a little better about the housing market in October, but remain pessimistic overall. Only 20% of consumers believe it’s a good time to purchase a home, according to Fannie Mae’s Home Purchase Sentiment Index. The October HPSI increased by 0.7 points to 74.6, its highest level since February 2022 and a decent…

Home Price Increases In NYC Affect Surrounding States

Home Price Increases In NYC Affect Surrounding States

By NICOLE MURRAY New York City has been seeing home price gains and those Big Apple prices have trickled into New Jersey, Connecticut, and other surrounding states. S&P Dow Jones Indices released the August 2024 results for the S&P CoreLogic Case-Shiller Indices on Oct. 29. They show New York had an annual gain of 8.1%,…

The Typical Homebuyer Is Older And Richer Than In Years Past

The Typical Homebuyer Is Older And Richer Than In Years Past

Typical homebuyers in the last year have been older and wealthier as affordability continues to challenge first-time buyers hoping to get into the housing market. That’s according to the National Association of Realtors’ 2024 Profile of Home Buyers and Sellers, tracking transactions between July 2023 and June 2024. The report found the share of first-time…

Rates Jump To 6.72%

Rates Jump To 6.72%

Mortgage rates jumped again last week and are projected to remain volatile. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.72%, up from 6.54% the week prior. This is the fifth consecutive week of increases and their highest level since August. Pre-priced-in drops that came after the Fed’s historic rate cut…

Buyers, Sellers Ride High Of September Rates Into October

Buyers, Sellers Ride High Of September Rates Into October

Buyers and sellers continued to make waves in October, riding the high from September’s cooling rates and increased inventory. New listings lead to significant pending home sales bumps, with the biggest gains seen in Boston (+25.7%), San Diego (+22.1%), and Seattle (+50.5%), according to Realtor.com’s October Monthly Housing Report. The report notes that the rise…

Pending Sales Soared In September On Lower Rates

Pending Sales Soared In September On Lower Rates

Pending home sales rode the low-rate wave in September, continuing an upward trend. NAR’s Pending Home Sales Index increased 7.4% month-over-month to a reading of 75.8, besting a 0.6% bump in August to reach its highest level since March. An index of 100 is equal to the level of contract activity in 2001, when NAR…

Applications Flat At Rates Reach 6.73%

Applications Flat At Rates Reach 6.73%

Mortgage applications remained mostly flat last week as rates rose again ahead of the election. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — shrank by just 0.1%, slowing from the week prior’s 6.7% decline and remaining close to its lowest level…

Price Growth Showed “Signs Of Strain” In August

Price Growth Showed “Signs Of Strain” In August

Home price growth cooled slightly in August, remaining high but showing signs of weakness to come. Price gains were down to 4.2% YOY in August, falling from a 4.8% annual rate the month prior but still elevated, according to the S&P CoreLogic Case-Shiller National Home Price NSA Index.  Month-over-month, national prices flipped, falling at 0.1%…

Rates Jump 10 BPS From Last Week, Reaching 6.54%

Rates Jump 10 BPS From Last Week, Reaching 6.54%

Mortgage rates jumped again last week due to a strong economy and less certainty around cuts from the Central Bank. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.54%, up from 6.44% the week prior. This is the fourth consecutive week of increases. Pre-priced-in drops that came after the Fed’s historic…

New Construction Sales Soared, Existing Sales Down In September

New Construction Sales Soared, Existing Sales Down In September

New construction saw a boost in September while existing home sales went down. New home sales increased last month, according to data from the U.S. Census Bureau and the Department of Housing and Urban Development, which reported sales rising by 4.1% to a seasonally adjusted annual rate of 738,000. At the end of the month,…

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