The National Association of Home Builders’ Housing Market Index is a monthly measure of how home builders feel about the market for newly built single-family homes. Based on a survey, the index is scored on a scale where any number above 50 indicates more builders view conditions as good than poor. In September, the index fell three points to 29. Robert Dietz, NAHB’s chief economist, says buyer traffic has fallen. “Housing remains squeezed by supply-side constraints and significant affordability challenges,” Dietz … [Read more...]

The housing market may be getting more buyer friendly these days. In fact, according to one recently released analysis from the National Association of Realtors’ consumer website, roughly two-thirds of metropolitan areas now favor buyers or are moving in that direction. But while home buyers have gained leverage as inventory has increased and markets have become more balanced, affordability is still a challenge. Jake Krimmel, senior economist at the site, says leverage and affordability are moving in different … [Read more...]

You can’t think of everything when buying a home. Not even the savviest home buyer will catch every little detail. But while you won’t necessarily catch every possible problem or future hiccup a house may have, you also can’t buy a house without giving some consideration to its potential future pitfalls and maintenance costs. If you’re buying an older home with older mechanical systems, for example, you need to take that into account. If you don’t, you might regret it. One recent survey has the evidence. According … [Read more...]

Sales of previously owned homes rose 1.5 percent in September, according to the latest data from the National Association of Realtors. The increase was led by sales gains in the South and West, while the Midwest was flat and the Northeast declined month-over-month. Dr. Lawrence Yun, NAR’s chief economist, says the monthly improvement came as sales have slowed overall. “Despite the small monthly gain on a seasonally adjusted basis, August and September marked the two slowest months for home sales this year,” Yun … [Read more...]

According to the Mortgage Bankers Association’s Weekly Application Survey, average mortgage rates moved higher again last week. Rates were up from the week before across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, 15-year fixed-rate loans, and 5/1 ARMs. As a result, demand for mortgage applications slowed week-over-week. Joel Kan, MBA’s vice president and deputy chief economist, says borrowers are turning to ARM … [Read more...]

Mortgage rates fluctuate. Sometimes they’re up. Sometimes they’re down. You can’t really plan your home purchase around them but knowing what’s expected – even if it’s the unexpected – can give potential buyers an idea of how to plan and budget for their future. So, what’s ahead for rates? Well, according to the National Association of Home Builder’s chief economist, Dr. Robert Dietz, home buyers should expect today’s rates to stick around a while. “It’s a really unbalanced economy right now and I think the bond … [Read more...]

Whether or not you’re approved for a loan depends a lot on mortgage credit availability. Current lending standards and available loan programs determine a buyer’s ability to secure a loan. That’s why the Mortgage Bankers Association tracks credit availability each month with its Mortgage Credit Availability Index. The index is a measure of whether credit is tightening or loosening. In September, it was mostly flat, with credit slightly tighter than the month before. Joel Kan, MBA’s vice president and deputy chief … [Read more...]

There are fewer single-family homes available to first-time and entry-level buyers now than there were in 2019. Smaller, starter homes are harder to find and more expensive than they used to be. In fact, the national starter-home price threshold, according to a new report from the National Association of Realtors’ consumer website, rose from $260,000 to $340,000 over the same period that the inventory of homes in that range fell. In other words, starter homes are more expensive and rare than they were pre-pandemic. … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, demand for home purchase loans slowed 2 percent week-over-week last week as mortgage rates continued to climb. Rates were higher across most loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. Joel Kan, MBA’s vice president and deputy chief economist, says buyers are hesitant and refinance activity has slowed. “Mortgage … [Read more...]

New research from the National Association of Realtors’ consumer website shows nearly 14 million more homes will become available to buyers over the next decade. The increase – due to baby-boomer home owners leaving large family homes they can no longer maintain – will be gradual but bigger than past generational handoffs. In fact, it’ll be 34 percent bigger than the one that happened a decade ago. Jiayi Xu, senior economist for the website, says the transition has already begun. “The scale of this transition is … [Read more...]