April’s existing-home sales slipped for the third consecutive month, falling 2.4% from March to a seasonally adjusted rate of 5.61 million, the National Association of Realtors (NAR) reported. Sales were down 5.9% year-over-year, with each of the four major regions seeing declines. The median price for existing homes of all types was $391,200, up 14.8%…
By KIMBERLEY HAAS New data shows that 79% of Americans would rather renovate their current home than move to a different one and with $420 billion spent on remodeling projects in 2020 those in the mortgage, real estate, and building industries are taking notice. Discover Home Loans commissioned a national survey of 1,531 homeowners. The…
Pending home sales dropped for the fourth month in a row in February, down 4.1% from January and 5.4% YOY, the National Association of Realtors (NAR) reported. NAR’s Pending Home Sales Index (PHSI), which measures home sales using contract signings, fell in three of the major regions. The Northeast was the only region that saw…
Existing-home sales fell in February as rising interest rates and inflation continue to put pressure on consumers, according to the National Association of Realtors. Sales fell to a seasonally adjusted rate of 6.02 million, down 7.2% from January and 2.4% year-over-year. The inventory of unsold existing homes rose slightly to 87,000, or 1.7 months of…
Pending home sales continued a three-month streak of declines in January, the National Association of Realtors (NAR) reported. NAR’s Pending Home Sales Index (PHSI) found contract signings fell 5.7% to 109.5 in January, down 9.5% year-over-year (YOY). Only the West saw any increases, with contract signings rising 1.5% from December to January, but down 9.7%…
By KIMBERLEY HAAS The typical American spends between five and six hours a day on their mobile phone so mortgage companies are developing new technologies to help them meet customers where they are. Brett Bivenour, Chief Technology Officer at Nationwide Mortgage Bankers in Melville, New York, explained during an interview with The Mortgage Note last…
By KIMBERLEY HAAS As the COVID-19 pandemic continues and workers reevaluate their commitment to metropolitan life, lenders in smaller cities stand to benefit from what is being termed the “Great Resignation.” It is estimated that about 4.4 million Americans quit their jobs in September after months of dramatic departure numbers, which means those employees are…
Existing-home sales rose in October for the second month straight, though sales year-over-year (YOY) dropped, according to the National Association of Realtors. Sales of existing homes rose 0.8% from September to October, at a seasonally adjusted rate of 6.34 million. However, sales fell 5.8% YOY, down from 6.73 million in October 2020. “Home sales remain…
By KIMBERLEY HAAS When the holiday season starts, people are typically reluctant to put their homes on the market due to a lack of potential buyers. But this could be the year when that changes. In a recent article at Realtor.com, the company’s Chief Economist Danielle Hale said sellers can expect to see plenty of…
A typical home spent just one week on the market before going under contract, according to a new report from the National Association of Realtors. Their annual Profile of Home Buyers and Sellers — “real estate’s definitive guide on home buyer and seller trends” — reported on the pace of home sales between July 2020 and…
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