Mortgage applications rose last week despite rates jumping to their highest point in more than a month. The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – increased by 3.7%, changing course after last week’s 8.8% decrease. Adjusted purchase applications rose by 5%, while…
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%…
Housing construction rebounded by more than expected in February, led by a surge in multifamily projects. New U.S. home construction rose for the first time in six months, according to data from the U.S. Census Bureau. Residential starts increased by 9.8% from January to an annualized rate of 1.45 million. This greatly exceeds estimates from…
Investors are backing away from the home purchase market as price appreciation continues to cool. Investor home purchases declined 45.8% YOY in Q4 2022, according to a new Redfin analysis of 40 U.S. metros. This is a record drop, besting 2008’s 45.1% dip during the subprime mortgage crisis. Quarter-over-quarter, investment purchases fell 27%, the largest…
Rent price growth is finally slowing, a positive sign for the housing market. The median asking rent rose 2.4% YOY in January, the smallest increase since May 2012 and the lowest level in almost a year, Redfin reported. Month-over-month, rents decreased by 1.9% and were down 5.4% from August’s peak. Eleven U.S. metros saw rents…
Americans may idolize a white Christmas, but owning a home in the nation’s snowiest states costs a premium, according to a LendingTree analysis. Median-priced homes in the states that got the most snow in December 2021 cost $56,814 more on average than those in the states with the least snow. Alaska, Idaho, and Utah saw…
Pending home sales fell for the fifth consecutive month in October, with three of the four regions seeing month-over-month declines, according to the National Association of Realtors. The Pending Home Sales Index dropped by 4.6% between September and October. Year-over-year it tanked by 37%. All four regions saw pending sales drop year-over-year. The Midwest, however, experienced…
Home price appreciation continued to cool in August though growth remained elevated from a year earlier, according to new data. The S&P CoreLogic Case-Shiller National Home Price NSA Index saw home prices decelerate, posting a 13% annual gain in August, down from 15.6% in the previous month. This is the largest monthly deceleration in the…
With rates rising and home price appreciation still high, Americans are looking for cheap places to buy homes. September’s hottest housing markets are known for their affordability. Rochester, NY, and Manchester, NH, tied for the country’s hottest market, according to new data from Realtor.com. Manchester has been popular for over a year, partly because New…
Buyers are paying record-high down payments thanks to the combination of soaring prices and high competition, but they may see a reprieve soon, according to new data from Redfin. The typical U.S. mortgage borrower in July put down $62,500, up 13.6% YOY and nearly twice the growth in home sales prices. It’s also nearly double…
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