Home prices continue to increase, according to the latest data from the S&P Case-Shiller Home Price Index. The index – considered among the leading measures of U.S. home prices – found prices climbing again to start the spring season. But while prices continue to increase, the pace has slowed. In fact, Nicholas Godec, head of Fixed Income Tradables & Commodities at S&P Dow Jones Indices, says gains have decelerated to their slowest pace in years. “The housing market continued its gradual deceleration in … [Read more...]

Sales of newly built single-family homes slowed in May, according to new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development. The data shows sales down 13.7 percent from the month before and 6.3 percent lower than last year at the same time. The decline was larger than expected and didn’t meet economists’ expectations for the month. Regionally, results varied. For example, the South saw sales fall 21 percent while in the Northeast they actually increased, soaring 32.1 percent … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates moved slightly higher last week. Rates were up from one week earlier across most loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 5/1 ARMs. Only 15-year fixed-rate loans saw a week-over-week decline. But while rates increased, they remain within the same narrow range they’ve been in for months. Joel Kan, MBA’s vice … [Read more...]

Homeowners tend to get attached to their homes. That’s natural, especially if you’ve lived somewhere for a while. Feelings of comfort, safety, and familiarity grow over the years and, in time, the house you bought becomes a home. But while you may love it, that doesn’t mean you’ll get top dollar for it when it comes time to sell – especially in a housing market that’s slowed considerably over the past few years. Simply put, today’s home sellers may be overconfident. The results of a recent survey seem to confirm … [Read more...]

Sales of previously owned homes increased in May, according to new numbers from the National Association of Realtors. The group’s latest report found existing-home sales up 0.8 percent from the month before, with gains seen in the Northeast, Midwest, and South. Lawrence Yun, NAR’s chief economist, says the improvement would be greater if not for mortgage rates. “The relatively subdued sales are largely due to persistently high mortgage rates,” Yun said. “Lower interest rates will attract more buyers and sellers to … [Read more...]

Most home buyers have to secure financing before they can purchase a house. But whether or not they’re approved for a loan depends on more than just their financial situation. There are other factors, like lending standards and the number of available loan programs, that play a role. The Mortgage Bankers Association tracks those factors with its Mortgage Credit Availability Index. The index measures how easy it is for borrowers to get a loan on a scale where any decline in the index means credit has tightened and … [Read more...]

You shouldn’t pass on a good house because you don’t like the color of the walls and cabinets. Painting is a relatively easy fix and can even be done yourself, if you’re on a budget or want to save some money. Simply put, there are far more significant issues to watch out for as a home buyer. But just because you shouldn’t walk away from a house over paint colors doesn’t mean they don’t influence home buying decisions. In fact, according to one new analysis, home buyers will pay more for a house that has the right … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell last week from one week earlier. Rates were down 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. Joel Kan, MBA’s vice president and deputy chief economist, says rates are now at a two-month low. “Mortgage rates decreased last week, driven by financial market … [Read more...]

Home prices average about a 4.25 percent increase per year, if you look at data going back to 1967. That means, historically speaking, any given home should expect to gain somewhere between 4 and 5 percent in value each year. More recently, though, prices have been increasing faster than that. In fact, the average annual increase since 2012 is more than 7 percent and, in the years since the pandemic, it climbed closer to 9 percent – with some areas seeing double-digit year-over-year increases. Mostly, that’s due to … [Read more...]

Summer’s here and the news is good for potential home shoppers. Conditions have improved and put buyers in better shape than they’ve been in a while. How so? Well, for starters, mortgage rates are lower than they were last year at this time, the number of homes available for sale has increased, and home sellers are cutting prices at record rates. Also, buyer competition was at its lowest level for any May dating back to 2018 this year and homes for sale are selling only two days quicker than they were pre-pandemic. … [Read more...]