Single-family home price growth slipped in the second quarter of 2024, reflecting a slowly shifting market dynamic. Prices rose 6.9% from Q2 2023 to Q2 2024, down from Q1’s revised YOY growth of 7.3%, according to Fannie Mae’s Home Price Index. Quarter to quarter, prices were up 1.3% after seasonal adjustment, down from a 2%…
The number of renters who believe they’ll never afford a home has skyrocketed in the last year as rates rose and stock shortages lifted home prices out of their late-2023 spiral. A recent Redfin survey found that close to 38% of renters believe they are unlikely to become homeowners, up from 27% at the same…
Americans are making sacrifices ranging from fewer vacations to skipping meals to afford housing costs. Just under 50% of U.S. homeowners and renters say they regularly or greatly struggle to make their housing payments, and many are giving up other things to pay in full, according to a new survey from Redfin. Of the 3,000…
Turmoil in Congress is making headlines, but will it impact the economy – and the mortgage industry – more broadly? The House this week voted 216 to 210 to remove Kevin McCarthy (R-CA) from his position as speaker. He was the first speaker to be ousted through a vote in the middle of a congressional term….
The average interest rates closed in on the 7% mark last week, pushing affordability further out of reach for many Americans. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.96%, up from 6.81% the week prior in the second week of 10+ bps jumps. A year ago at this time, the…
Home sales plummeted by 35% in November but there are early signs that demand may be picking up. Redfin’s latest data found that home sales dropped 35.1% YOY in November on a seasonally-adjusted basis. High buying costs kept both buyers and sellers on the sidelines. “Rates have declined significantly over the past six weeks, which…
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