Institutional investors are cooling on the housing market, putting cash purchases on the back burner where they used to dominate. The share of investors buying homes with cash fell to 64% in Q1 2024, Realtor.com found, its lowest point since 2008 and down from 69.7% in Q4 202. The reason? Mom-and-pop investors are increasing their…
High rates and soaring prices are preventing many Americans from achieving the dream of homeownership, but current homeowners are optimistic about the housing market. TD Bank surveyed nearly 2,000 homeowners across the nation and found that a majority (67%) think buying a home is still attainable, while 38% plan to buy a new house in…
Homebuyers were more hopeful about the housing market in June but still largely priced out of it. Fannie Mae’s Home Purchase Sentiment Index increased 3.2 points to a reading of 72.6 last month, pushing it closer to the plateau it set earlier in the year. Just under 20% of consumers indicated it’s a good time…
Urban living is taking a back seat to spacious suburbs for both parent-aged Millennials and affordability-minded Zoomers. A recent report from StorageCafe found that housing markets in exurbs and suburbs grew faster than in principal cities over the last decade, so fast that typical life changes in the largest homebuying cohort, Millennials, can’t account for…
Pending home sales unexpectedly fell in May, hitting an all-time low. NAR’s Pending Home Sales Index fell by 2.1% month-over-month to a reading of 70.8 last month, its lowest level on record. An index of 100 is equal to the level of contract activity in 2001. Year-over-year, sales were down 6.6%. The drop came as…
Mortgage applications inched up last week, moving just slightly despite rates falling to a three-month low. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — increased by 0.8%, adding to last week’s 0.9% bump. The results include an adjustment for the Juneteenth…
Existing-home sales dipped again in May as the median sales price hit a record high. Existing sales fell by 0.7% last month to a seasonally adjusted annual rate of 4.11 million, according to the National Association of Realtors. They were down 2.8% YOY. This was the worst May data since 2020 but in line with…
Existing-home sales continue to be stifled by “twin” market dynamics, and First American expects them to slow through the month. The company’s Existing-Home Sales Outlook “nowcasts” sales based on the historical relationship between sales, demographic trends, house-buying power, and the prevailing financial and economic conditions. For May, the company expects to see sales down YOY…
The Department of Veterans Affairs announced a temporary fix to a lending issue that arose from the National Association of Realtors $418 million settlement. Under the terms of the settlement, sellers are expected to negotiate with real estate professionals, and buyers have to enter into agreements with, and pay for, their own realtors. For some…
Residential lending is down in two-thirds of the U.S. and sitting at its lowest level since 2000. That’s according to new data from ATTOM, which showed that 1.28 million mortgages secured by residential property were issued in Q1, a 6.8% decline from the previous quarter. It’s the 11th decline in the last 12 quarters and…
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