Pending home sales recovered from an unexpected downturn in June, besting economists’ estimates. NAR’s Pending Home Sales Index rose by 4.8% month-over-month to a reading of 74.3 last month, jumping after May’s slip to its lowest level on record. An index of 100 is equal to the level of contract activity in 2001. This is…
Mortgage applications spiked after a few tough weeks on lower mortgage rates, though the bump didn’t last long. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — jumped by 15.6%, reversing last week’s 5.2% dip. Adjusted purchase applications increased by 9%, while…
As sellers are forced to adjust to the housing market’s new normal, more affordable inventory is cropping up. The share of available homes in the $200,000 to $350,000 price range saw the biggest growth of any price category in February, up 20.6% YOY, Realtor.com reported. Though inventory remains tight, money-minded buyers may see an uptick…
Listings are down more than 15% from last year, another pain point on the market ahead of the typically zippy spring buying season. HouseCanary’s February Market Pulse Report found that net new listings were 15.3% lower than in February 2023. Overall, inventory is up 11.7% YOY but remains generally constrained, limiting new activity. This is…
Existing-home sales rebounded from a December plummet in January, increasing month-over-month, but not annually. Sales increased by 3.1% to a seasonally adjusted annual rate of 4.00 million, according to the latest data from the National Association of Realtors. They were down 1.7% from the same time last year, however. The Midwest, West, and South all…
Existing-home sales increased for the first time in five months as falling rates made homebuying more affordable. Sales rose by 0.8% to a seasonally adjusted annual rate of 3.82 million, according to the latest data from the National Association of Realtors. While this is a clear improvement from past months, year-over-year sales are down 7.3%,…
Monthly payments are going up as mortgage rates continue to climb but a boost in new listings could signal a fall price cooldown. Rates have soared to their highest level in more than two decades, sending monthly housing payments to record highs. A buyer with a $3,000 monthly budget has lost almost $40,000 in purchasing…
As high rates keep sellers locked in their current homes, new homes are making up an increasing share of the market. Newly built homes made up almost a third of all single-family homes on the market in Q2 2023 (31.4%), according to a new report from Redfin. This is up 30.3% YOY and almost double…
Despite being the largest cohort of potential homebuyers in the country, Millennials are lagging behind other generations in purchases. That applies to Baby Boomers now – who are snatching up the few homes for sale thanks to home equity and greater savings – and Boomers when they were the same age as Millennials today. Just…
At the latest Federal Open Market Committee meeting, the Central Bank hinted at a pause in rate hikes as soon as June but still increased the benchmark rate by a quarter-point. Lawrence Yun, chief economist at the National Association of Realtors, found that puzzling. During the “Residential Economic Issues & Trends Forum” at NAR’s 2023…
End of content
End of content
Before You Go, Get the Latest News and UPDATES!
Stay Tuned!