What constitutes luxury depends a lot on the person. Some people can live on less while others prefer opulence. When it comes to houses, though, you can put a number to it based on the homes available for sale. That’s what the National Association of Realtors’ consumer website did. It defined luxury as the top 10 percent of listings by price and found that, nationally, an entry-level luxury home starts at $1,199,977. In 2016, the luxury market started at just under $800,000. But while that’s a significant increase, … [Read more...]

Sales of previously owned homes increased in November for the third consecutive month, according to new numbers from the National Association of Realtors. Month-over-month sales were up in the Northeast and South, flat in the West, and down in the Midwest for an overall 0.5 percent gain from October’s level. Lawrence Yun, NAR’s chief economist, says the improvement was largely due to lower mortgage rates. “Existing-home sales increased for the third-straight month due to lower mortgage rates this autumn,” Yun said. … [Read more...]

The housing market had a hot fall. Unseasonably warm weather and lower mortgage rates combined to keep the season active. But while favorable conditions kept the market buzzing into November, it slowed down significantly by the end of the month. For example, new listings fell 30 percent month-over-month in November. Price cuts also fell, after being offered on a near-record number of listings in October. Even affordability calmed, with mortgage payments as a share of median income down to its lowest level since … [Read more...]

When people talk about a buyer’s or seller’s market, they’re talking about supply and demand. When there’s more demand than homes for sale, sellers have the power and will likely get a higher price for their home. When there aren’t a lot of buyers but there’s excess supply, the buyers that are looking will be in better position to negotiate a deal. In recent history, home sellers have held all the control, as inventory lagged below normal for years. Since 2022, though, inventory has been gradually climbing back and … [Read more...]

The National Association of Home Builders’ Housing Market Index is based on a monthly survey of builders. It scores builders’ answers on a scale where any number above 50 indicates more builders view conditions as good than poor. In December, the index moved one point higher to 39. Robert Dietz, NAHB’s chief economist, says builders are growing more optimistic about the future. “In positive signs for the market, builders report that future sales expectations have been above the key breakeven level of 50 for the … [Read more...]

Home buyers think a lot about the type of home they want to buy. They think about kitchens and backyards, how many bedrooms they’ll need, and the type of neighborhood they hope to find. But how much thought do they give their mortgage rate? Apparently, not much. According to one new analysis, nearly 70 percent of buyers only submit one mortgage application and get one quote, potentially missing out on a better rate and savings. How much savings? Well, on the typical home paying November’s average rate, a buyer’s … [Read more...]

Prospective home buyers always want to find the best deal. That’s true no matter what the current mortgage rate is or how high the median home price climbs. But that doesn’t mean today’s housing market isn’t particularly challenging. Mortgage rates and home prices are significantly higher than they were even just a few years ago and that has buyers laser focused on finding the best bang for their buck. According to the National Association of Realtors’ consumer website, 2026 should help them get it. Danielle Hale, … [Read more...]

According to the Mortgage Bankers Association’s Weekly Application Survey, the average mortgage rate for 30-year fixed-rate loans with conforming loan balances was virtually unchanged last week from one week earlier. Rates for loans backed by the Federal Housing Administration and 15-year fixed-rate loans both fell and jumbo loans and 5/1 ARMs increased. But despite an up-and-down week for mortgage rates, refinance demand spiked almost 8 percent higher than the week before and government refinances surged 24 … [Read more...]

Credit isn’t always equally available. When it’s tight, prospective borrowers will have a more difficult time getting approved for a loan. Lending standards are higher and fewer loan programs are available. When it loosens, borrowers can expect an easier time getting approved. That’s why the Mortgage Bankers Association tracks mortgage credit availability each month. Its Mortgage Credit Availability Index measures whether credit is loosening or tightening on a scale where any increase in the index indicates looser … [Read more...]

When there are more interested home buyers than there are homes for sale, the housing market gets challenging for buyers. Prices and competition rise and time on market plummets. Homes sell fast and buyers have to be ready to move quickly and readjust their budgets under pressure. That’s the way the housing market has been for most of the past five years though, more recently, inventory has improved and calmed things down. In fact, according to a new analysis from the National Association of Realtors’ consumer … [Read more...]