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...]

The post-pandemic housing market has been remarkably stable. The number of foreclosures and seriously underwater mortgages has remained low. According to ATTOM Data Solutions’ latest Special Housing Risk Report, that stability continued during the first quarter of this year. The report looked at where the healthiest and most at-risk housing markets are across the country using county-level data, including the percentage of homes facing foreclosure, the portion of seriously underwater mortgages, the percentage of … [Read more...]

Home buyers have preferences when it comes to the architectural style of the house they buy, but most will choose function over design when it comes time to make an offer. After all, it’s better to have a home with a great kitchen and ample storage than to have the perfect example of an American Craftsman but nowhere to put your stuff. There’s also the problem of availability. Some home styles are more common than others. In fact, according to a new report from the National Association of Realtors’ consumer … [Read more...]

According to the Mortgage Bankers Association’s Weekly Application Survey, average mortgage rates remained elevated last week, with little movement seen for 30-year fixed-rate loans with both conforming and jumbo balances. Rates for loans backed by the Federal Housing Administration and 15-year fixed-rate loans saw declines. But while mortgage rates saw little change week-over-week, demand for loan applications surged. Refinance activity was up 16 percent and demand for loans to buy homes increased 10 percent from … [Read more...]

Real estate investing reached a peak in 2022. That year, 13.3 percent of purchased homes were bought by investors. That’s a relatively small percentage but enough to compete with entry-level home buyers also in the market for affordably priced homes. Fortunately for today’s home buyer, that dynamic appears to be changing. Danielle Hale, chief economist for the National Association of Realtors’ consumer website, says an analysis of last year’s data shows, these days, investors are selling. “Investor trends signal a … [Read more...]