The inventory of new homes is now at levels last seen in 2007 and that could be good news for prospective home buyers. After all, a surplus of homes means potential deals. And, according to a new report from the National Association of Home Builders, buyers are already seeing some. In fact, 38 percent of builders cut prices in July, with an average price reduction of 5 percent. That’s an almost 10 percent increase from April, when just 29 percent of builders reported reducing prices. Robert Dietz, NAHB’s chief … [Read more...]

It’s no secret that renting is currently more affordable than buying a house in most markets. That’s largely due to the skyrocketing cost of buying a home over the past several years. Home prices and mortgage rates have both seen substantial increases since the pandemic. But, according to a new report from the National Association of Realtors’ consumer website, the financial gap between renting and buying is beginning to close. Danielle Hale, the website’s chief economist, says renters should keep their eye on … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates increased last week from one week earlier. Rates were up for 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 5/1 ARMs. Joel Kan, MBA’s vice president and deputy chief economist, says the increase was due to economic concerns. “Treasury yields finished higher last week on average despite an intra-week drop, driven partly by renewed concerns of … [Read more...]

When we move, we typically don’t move far. In fact, between 1989 and 2021, the median distance moved was between 10 and 15 miles. Lately, though, that distance has been growing. In 2022, it grew to almost 50 miles. Today, it’s closer to 20 miles. The pandemic started the trend, with a higher share of potential buyers searching for extra space outside of their metro areas. But according to a new analysis from the National Association of Realtors’ consumer website, the trend hasn’t subsided. Danielle Hale, the … [Read more...]

The housing market has been in flux for the past couple of years. After getting red hot during the pandemic, it began to cool in 2022 when mortgage rates headed higher after spending years near historic lows. That slowed buyer demand and allowed the number of homes available for sale to rebound. Now, hopeful home buyers and sellers are having to adjust to conditions that have changed drastically over the past three years. For example, a new report from the National Association of Realtors found home sellers … [Read more...]

There are a few common reasons people decide to buy a house. Things like getting married, starting a family, or a new job are regularly cited by recent home buyers as the reason they decided to buy. Feeling financially secure isn’t typically mentioned but it sure doesn’t hurt. That’s why the results of the Federal Reserve Bank of New York’s June 2025 Survey of Consumer Expectations are encouraging. The survey found Americans are generally feeling more optimistic about their finances this year. In fact, compared to … [Read more...]

Home buyers have been feeling discouraged over the past few years. Higher home prices, rising mortgage rates, and a lack of available homes for sale took some of the excitement out of buying a house. Shopping for a house became stressful and buyers grew hesitant. Last summer, for example, Fannie Mae’s Home Purchase Sentiment Index – which measures how Americans feel about buying and selling a home, mortgage rates, home prices, and the economy – found just 17 percent of survey respondents thought it was a good time … [Read more...]

There are plenty of exciting things about buying a house. Packing up and moving everything you own isn’t one of them. In fact, according to a new survey, it’s something more than two-thirds of Americans say they dread – so much so, they’d prefer getting a root canal or serving on a jury over having to do it. That’s pretty bad. The survey – conducted by Duck, a brand of moving supplies – found that, despite how much movers dislike the packing process, 32 percent of them are still planning to do the work themselves … [Read more...]

During the pandemic, a combination of too few homes available for sale and a growing number of interested home buyers caused both home prices and competition between buyers to increase. The market was out of balance and buyers were frustrated. Fortunately, since then, things have changed – price increases have slowed, listings are lasting longer on the market, and there are fewer bidding wars between buyers. It’s due to the rebounding number of homes for sale. In a growing number of housing markets, inventory has … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell across all loan categories last week. Rates were down from the week before 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. Joel Kan, MBA’s vice president and deputy chief economist, says rates are now at an almost three-month low. “Mortgage rates were lower across all loan types last week, with the … [Read more...]