Spring is the housing market’s busiest season. Winter is over, buyers are active, and the timing is right to make a move. Naturally, the increased activity typically leads to a bump in home prices. This year was no different. But while prices benefited from the typical seasonal pattern, they’re still slowing, according to new data from the S&P Case-Shiller Home Price Indices. The index – considered among the leading measures of U.S. home prices – found national home prices up just 3.4 percent year-over-year. … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates moved higher last week from one week earlier. It was the third consecutive weekly increase. Rates were up across most loan categories, including 30-year fixed-rate loans with conforming 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 as high as they were in January. “Mortgage rates … [Read more...]

During the pandemic, when people were spending more time at home, certain home features saw their popularity surge. Home shoppers wanted more space, privacy, bonus rooms, and anything that could make their home more functional, comfortable, and enjoyable. Hannah Jones, senior economic researcher for the National Association of Realtors’ consumer website, says pools were one of the most highly coveted features. “This surge in demand for features like pools translated into a substantial ‘pool premium,’ where homes … [Read more...]

Considering the size of the transaction, you might assume anyone that buys a house has done a fair amount of research before they get started. After all, it isn’t just about where you’re going to live for a few years. It’s a financial decision and understanding what you’re getting into is the key to success. But while that’s certainly true, a newly released survey shows the vast majority of current homeowners admit they didn’t understand the process and terminology until after they purchased their home. In fact, 76 … [Read more...]

The National Association of Realtors’ Existing Home Sales report for April found sales of previously owned homes relatively flat from the month before, with sales 0.5 percent lower than March. Lawrence Yun, NAR’s chief economist, says home sales have been stuck just below normal levels. “Home sales have been at 75 percent of normal or pre-pandemic activity for the past three years, even with seven million jobs added to the economy,” Yun says. “Pent-up housing demand continues to grow, though not realized. Any … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates increased last week 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. Mike Fratantoni, MBA’s senior vice president and chief economist, says economic uncertainty was behind the bump. “Mortgage rates jumped to their highest level since February last week, with investors … [Read more...]

Americans are increasingly concerned about the economy, according to a new survey from the National Association of Realtors’ consumer website. Survey results show 63.4 percent of home shoppers feel there will be a recession at some point in the next year – the highest level since 2019. But economic uncertainty may not be bad news for buyers. “Confidence in the economy has clearly taken a hit amid ongoing headlines around trade, tariffs, and rate uncertainty,” Danielle Hale, the website’s chief economist, said. “But … [Read more...]

The Mortgage Bankers Association’s Mortgage Credit Availability Index is a monthly measure of how easy it is for borrowers to secure financing. When credit is tight, lending standards are higher and borrowers face more challenges. When it loosens, the supply of credit, number of loan programs, and chance of approval all increase. The MBA tracks this on a scale where any decline indicates credit is tightening, while increases indicate improvement. In April, the index was unchanged after seeing significant gains in … [Read more...]

Competition has cooled in the housing market. In fact, according to one recent analysis, competition among home buyers is back to pre-pandemic levels after many years of bidding wars and spiking prices. That’s put buyers in a better bargaining position. So, what changed? Well, an increasing number of homes for sale. The supply of available homes is now 20 percent higher than last year, with new listings up 7.6 percent from the same time one year ago. And the improvement is widespread. In 44 of the 50 largest metro … [Read more...]

Builders grew less confident in May, according to a new survey from the National Association of Home Builders. The group’s monthly Housing Market Index – which scores a survey of builders on a scale where any number above 50 indicates more builders view conditions as good than poor – came in at 34 in May, down six points from April. Buddy Hughes, NAHB’s chairman, says builders see better conditions ahead. “The spring home buying season has gotten off to a slow start as persistent elevated interest rates, policy … [Read more...]