The National Association of Realtors’ Pending Home Sales Index is a monthly measure of how many contracts to buy homes were signed during the month. It is considered a good indicator of future home sales numbers because it measures signings, not closings – which typically happen weeks later. In July, the index fell 2.3 percent from one month earlier and was down 2.2 percent from last year. Dr. Lawrence Yun, NAR’s chief economist, says there are signs of pent-up demand. “Job gains should bring more buyers into the … [Read more...]

According to the Mortgage Bankers Association’s Weekly Application Survey, average mortgage rates were mostly flat last week with little movement seen 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 demand was also flat week-over-week. “Mortgage rates and applications changed little last week, with just a slight increase in refinances for … [Read more...]

When bidding wars were common, home buyers who could pay cash had an advantage. After all, an all-cash buyer could close quicker and was less risky than a financed buyer, whose financing could fall through and blow up the deal. These days, though, cash buyers are beginning to retreat, as the market normalizes and competition between buyers calms. In fact, according to one new analysis from the National Association of Realtors’ consumer website, the share of cash purchases fell to 31.4 percent during the first four … [Read more...]

The latest Housing Market Index from the National Association of Home Builders shows its measure of builder confidence rose one point in August from the month before. The index – based on a survey of builders scored so that any number above 50 indicates more builders view conditions as good than poor – rose to 35 in August. Robert Dietz, NAHB’s chief economist, says home builders are trying to lure late summer buyers. “Our latest builder survey continues to show signs of weakness in the home building market,” Dietz … [Read more...]

Whether or not you’re approved for a mortgage is partly determined by mortgage credit availability. That’s why the Mortgage Bankers Association’s monthly Mortgage Credit Availability Index tracks whether credit is loosening or tightening. When the index increases, lending standards have loosened. When it declines, standards have tightened. In July, the index rose 2.5 percent and reached its highest level in four years. That’s good news for borrowers. Joel Kan, MBA’s vice president and deputy chief economist, says … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates declined last week from one week earlier. It was the first decrease after five consecutive weeks of increases. Rates were down across most loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, 15-year fixed-rate loans, and 5/1 ARMs. Rates for loans backed by the Federal Housing Administration were unchanged week-over-week. Joel Kan, MBA’s vice president and deputy chief … [Read more...]

Between 2018 and 2024, the cost of homeowners insurance increased faster than inflation, according to a new report from the National Association of Insurance Commissioners. The data – which highlights a growing issue for home buyers already facing challenging affordability conditions – found premiums up in each of the nation’s four regions. In the Northeast, premiums rose 18 percent during that seven-year span, while the Midwest saw a 25-percent increase, the Southeast was up 27 percent, and the West jumped 43 … [Read more...]

You can tell a lot about what buyers want by looking at the areas where they’re most active. After all, where there are buyers, there are likely going to be more of the types of homes, neighborhoods, amenities, and features that buyers desire. That’s one benefit of the most recent hottest ZIP code list from the National Association of Realtors’ consumer website. The annual list – which once again found locations in the Northeast and Midwest dominating the top 10 – also tells us a lot about what buyers want. Hannah … [Read more...]

There was a time when a home for sale would be listed mid-week and sold before the end of the weekend. Bidding wars were common and competition between buyers was high. Of course, where there are fewer homes for sale, a good listing will still get scooped up quickly by a buyer who’s ready to move. But, overall, the housing market is slower these days and new data proves it. For example, based on a newly released analysis of the market in July, homes took a median of 25 days to go under contract – meaning from the … [Read more...]

Large majorities of Americans say they want to live in a neighborhood they can walk, according to a new survey from the National Association of Realtors. Walkability ranked high among surveyed buyers, who made clear that they’d prefer to live in a mixed-use neighborhood with easy access to amenities. In fact, 89 percent said sidewalks and places to walk are important when deciding where to live and 63 percent said they’d be willing to pay more to live in an area where they could easily walk to parks, shops, and … [Read more...]