Soaring interest rates pushed homebuyer demand down in its largest annual decline in more than two years, Redfin reported. Redfin’s Homebuyer Demand Index was down 16% YOY, its largest drop since April 2020, in response to lagging inventory and skyrocketing mortgage rates. Last week, rates jumped a full half-point in the largest one-week increase in…
Bidding wars dropped to their lowest level since February 2021 as the housing market begins to cool, with only 57.8% of home offers facing competition in May, according to Redfin. Though more than half of prospective buyers are still facing competition when bidding on a home, that number is down from 60.9% the month prior…
Construction of single-family homes fell across several market types in Q1 2022, with an especially large dip in large suburban markets, according to the National Association of Home Builder’s (NAHB) Home Building Geography Index (HBGI). Four-quarter moving average single-family growth rates in large metro suburban counties fell from 18.7% in Q1 2021 to 5.2% in…
Only 17% of consumers believe it’s a good time to purchase a home as rising interest rates and high home prices push many buyers out of the market, according to Fannie Mae’s Home Purchase Sentiment Index. The May HPSI fell by 0.3 points, remaining relatively steady, but continues to move closer to its 10-year low…
Seller-buyers are making a splash this spring, with 72% of home sellers also planning to buy their next one this year, according to a new survey from Realtor.com. Realtor partnered with HarrisX to survey homeowners nationwide. The results showed a market flooded with younger seller-buyers looking for more affordable homes to accommodate growing families. Millennials…
More home shoppers are searching out-of-market in Q1 2022, according to a new report from Realtor.com. Realtor.com looked at data from its website on where prospective buyers are searching for homes to identify migration patterns. In Q1 2022, 59.7% of Realtor.com listing page views came from shoppers looking for homes in metros other than where…
As homebuyer demographics change, Millennials and Gen Z are set to play a major role in the housing market this year, according to a new report from ServiceLink. ServiceLink’s 2022 State of Homebuying Report uses information from 1,000 homeowners who purchased a home in the last five years to analyze generational trends in homebuying. The…
Good Morning! Today is Monday, April 4. Ukraine accused Russian forces of executing civilians in a Kyiv suburb before retreating. At least six people were killed after gunfire erupted in downtown Sacramento, California. Tesla CEO Elon Musk disclosed a 9% stake in Twitter. The Mortgage Note Reports Young Buyers Priced Out: The share of younger home buyers…
Inventory and first-time buyers won’t bounce back until 2024, according to Zillow’s Home Price Expectations Survey. The survey polled a panel of housing experts who said they anticipate for-sale inventory levels will take two years to climb back to pre-pandemic levels. Total inventory fell from a monthly average of just 1 million in 2021 and…
Mortgage loan application volume plummeted by 8.1% last week, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, dropped by 8.1%%. The adjusted purchase index fell 2%, while the unadjusted purchase index fell 1% and was 12% lower YOY. The refinance index fell a…
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