According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were up and down last week but ended the week relatively flat across most 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. Mike Fratantoni, MBA’s senior vice president and chief economist, says reactionary rates made borrowers hesitant. “Last week’s CPI data showed that inflation … [Read more...]

Over the past year, the price of a newly built home has fallen, In fact, new home prices are down 3.9 percent, according to one analysis. But while new home prices have eased somewhat, that doesn’t mean they’re selling at a discount. The data shows that, nationally, the median newly construction home still sells for around $410,000 – which is about $53,000 more than the median for all homes. In other words, buyers still pay a premium if they’re buying a new rather than an existing home. But it also depends on the … [Read more...]

The National Association of Home Builders keeps a monthly measure of how confident home builders are in the market for newly built single-family homes. The NAHB’s Housing Market Index is considered a good indicator of market health because home builders know the market. They have to if they want to be successful. Builders must accurately predict what buyers want, where they want it, and when. The NAHB surveys builders each month and bases its index on their answers, which are scored on a scale where any number … [Read more...]

Before home prices skyrocketed during the pandemic, the share of million-dollar listings generally ranged somewhere between seven and nine percent. By May 2023, though, it almost doubled. In the spring of that year, the share of million-dollar listings hit a peak of 15.4 percent. But now, according to new numbers, luxury housing markets are in a period of adjustment and the share of million-dollar listings – while still high – is falling. In fact, it’s down to 13.8 percent, according to data from the National … [Read more...]

Getting your house on the market is a chore. There are a lot of details and you’ve got to get them right. Among those details, though, setting your list price may be the most important. In fact, according to a new study, getting it wrong can cost you. The study, from the National Association of Realtors’ consumer website, found that homes that sell within the first four weeks sell for 1.8 percent more, while those that are on the market longer will likely have to cut their price. Joel Berner, the website’s senior … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, loan demand headed higher last week following the Memorial Day holiday, with both refinance and purchase loan activity up from one week earlier. Overall, mortgage application demand increased nearly 11 percent. Mike Fratantoni, MBA’s senior vice president and chief economist, says volatile rates didn’t stop borrowers. “Mortgage rates were volatile last week as news from the Middle East continues to drive markets,” Fratantoni said. “While … [Read more...]

Sales of previously owned homes rose 3.2 percent in May from one month earlier, according to new numbers from the National Association of Realtors. Sales were also up 3.2 percent from year-before levels. Dr. Lawrence Yun, NAR’s chief economist, says affordability has improved and buyers are noticing. “More Americans are on the move, with home sales rising to the highest level since December. This is great news for the housing market and the economy,” Yun said. “Improving affordability is helping drive this … [Read more...]

You can’t buy a home without some money up front to pay for things like your down payment and closing costs. These upfront costs can be significant – and can be a hurdle for some buyers. Eventually, though, the costs of buying a home are recouped, as your home’s value appreciates and you build equity. That’s why buyers are typically told they should expect to stay in their home for roughly three to five years before they’ll break even. Selling a house before that can mean losing money on the transaction. But is the … [Read more...]

ATTOM Data Solutions produces a quarterly Housing Risk Report that looks at which county-level housing markets are most vulnerable to decline based on factors like affordability, equity, unemployment rate, and foreclosure activity. According to the most recent release, affordability remains challenging nearly everywhere but the riskiest markets are still mostly isolated in a few regions. For example, of the 50 riskiest markets, 21 were in California and Florida, while Illinois and New Jersey each had five. That … [Read more...]

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...]