New home sales fell in June as new construction takes heat from rising interest rates, according to data from the U.S. Census Bureau and the Department of Housing and Urban Development. Sales fell by 2.5% to a seasonally adjusted annual rate of 697,000, compared to May’s revised rate of 715,000. They were up 23.8% from…
Anyone.com, an international finance company, is looking for U.S. lenders to join it in offering a 50/50 homeownership model designed to combat the affordability crisis. Anyone, an Amsterdam-based finance company that hasn’t officially launched yet, is teasing the program as part of its goal to promote “housing for reasonable pricing and, above all, homeownership” despite…
With affordability at its worst level in more than three decades, most Americans are putting off buying a home until rates fall. Only 6% of Americans interested in buying a home are planning to do so this summer, with the majority waiting for interest rates to drop, according to BMO’s Real Financial Progress Index. Just…
The choice between renting and buying isn’t obvious in some American cities. While most cities have clear-cut price advantages to either, some are in a sticky in-between where the benefits of renting or buying may come down to personal circumstances, according to a new study from Home Bay. Home Bay analyzed the 50 most-populous metros…
The average mortgage rate ticked down again this week, but waning banking sector concerns have rates seesawing. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.32%, down from 6.42% the week prior. A year ago at this time, the 30-year FRM averaged 4.67%. The 15-year fixed-rate mortgage dipped from 5.68% to…
Buying a house became slightly more affordable in Q1 2023 as the housing market remains stalled, but remained out of reach for many Americans. According to ATTOM Data Solution’s Q1 2023 U.S. Home Affordability Report, median-priced single-family homes and condos were less affordable in the first quarter of 2023 compared to historical averages in 94%…
The number of million-dollar U.S. homes has dropped dramatically from a record high last year. They now account for 7% of all U.S. houses, down from 8.6% in June 2022, according to an analysis by Dana Anderson at Redfin. This could signal a reversal in the housing market, at least on the luxury side. Prices…
The 2023 spring homebuying season may be cooler than in previous red-hot years, but competition will still be plentiful. According to a new Zillow analysis, ongoing stock shortages mean that even as fewer buyers enter the market this year, those who do will be competing for many of the same homes. Affordable markets like Cincinnati…
Rate lock volumes increased across the board in January, finally breaking a nine-month downward streak, as buyers began stepping out before the spring season. Lock volumes rose 32% last month, according to Black Knight’s Originations Market Report. “Mortgage rates declined in January, continuing a trend that began in early November 2022. Conforming rates dropped 36…
Homebuyers are finally starting to see some moderation in prices as the market corrects. The cost of a new mortgage fell 4.8% in November as mortgage rates plunged, according to Zillow’s latest Market Report. This is only the second time mortgage costs have declined in the past 19 months. Falling home values and shrinking mortgage…
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