This year’s spring housing market has shown resilience, despite facing the usual challenges. In fact, according to a new analysis from the National Association of Realtors’ consumer website, the market is finding new balance. Danielle Hale, the website’s chief economist, says there are encouraging signs. “Higher rates and geopolitical uncertainty could have sidelined both buyers and sellers this spring,” Hale said. “Instead, we’ve seen six months of sellers adjusting their expectations and buyers rewarding them for … [Read more...]

According to the Mortgage Bankers Association’s Weekly Application Survey, average mortgage rates fell last week 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. Only rates for 5/1 ARMs saw a week-over-week increase. But while mortgage rates turned more favorable, it didn’t spur demand for loans, as both refinance and purchase activity were down from one week earlier. Joel Kan, … [Read more...]

When home prices were skyrocketing during the pandemic, real estate investors became more active in the market. The promise of being able to buy and flip a home for profit was enticing for money-minded buyers but also a problem for traditional buyers – particularly first-time buyers – who had to compete with investors for available homes at a time when there were fewer for sale. Since then, prices have cooled and, according to one recent analysis, so has investor activity in the market. In fact, the data shows … [Read more...]

The share of home sellers who’ve cut their list price has fallen this spring. But that doesn’t mean buyers won’t still find price reductions. In fact, they’re relatively common depending on where you look. According to one recent analysis, 35.4 percent of homeowners adjusted their price in April – down from a peak of 36.6 percent last August. That’s a relatively small overall decline, but regional differences tell a different story. Cities like Phoenix, Seattle, and Orlando all saw an increasing number of price … [Read more...]

Affordability is the top concern for anyone hoping to buy a home. That’s why the Mortgage Bankers Association tracks median mortgage payments each month through its Purchase Applications Payment Index. The index measures mortgage payments using loan data from purchase applicants and measures it across time and relative to wage growth. In April, payments rose $21 from March but are still down 1.6 percent from last year at $2,152. The national mortgage payment for lower-payment mortgages was $1,493. Edward Seiler, … [Read more...]

According to the most recent numbers from the U.S. Census Bureau and the Department of Housing and Urban Development, new home sales were down in April, falling 6.2 percent from March. The decline comes at a volatile time in the new home market. The year started with the biggest sales decline in 13 years, followed by two consecutive months of gains. Now, overall new home sales are down through the first third of the year, dropping 6.5 percent below last year at the same time. So, what does it mean for spring … [Read more...]

The S&P Case-Shiller U.S. National Home Price Index is a monthly measure of home prices that covers all nine census divisions and has been collecting data for more than 30 years. According to the most recent release, which covers results through the end of March, home price increases have continued to slow across the country. Nationally, prices were up just 0.7 percent through March from year-before levels – down from an 0.8 percent increase the month before. Nicholas Godec, head of fixed income tradables & … [Read more...]

If you’ve ever sold a home, you know that your list price is important. It can be the difference between multiple offers and a home that sits on the sidelines while other available homes sell more quickly. These days, according to a new analysis from the National Association of Realtors’ consumer website, sellers are learning to price their homes right for the market after a period of increasing price cuts – a sign sellers hadn’t yet adjusted to a cooler market. Jake Krimmel, senior economist at Realtor.com, says … [Read more...]

Spring is when the home buyers show up. That’s why sales expectations for the season always run high. Some of the time, those expectations get derailed by world events and economic uncertainty. Buyers get hesitant and the season’s numbers are underwhelming. Other times, it depends on where you look. This year’s spring season may be one of those times. In fact, according to one recent analysis, spring sales are booming in some regions and not in others. They’re showing the most promise in areas where more inventory … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates increased last week, with rates rising for 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. The increases led to a drop in demand for loans. Both refinance and purchase activity fell week-over-week. Joel Kan, MBA’s vice president and deputy chief economist, says buyers pulled back. “Overall applications were … [Read more...]