housing market: What's Ahead for Mortgage Rates This Week - September 25th, 2023
- 09/26/23 08:28 AM
Last week’s economic reports included readings on U.S. housing markets, housing starts and building permits, and the scheduled post-meeting statement from the Federal Open Market Committee of the Federal Reserve. Data on sales of previously owned homes were released along with weekly reports on mortgage rates and jobless claims.
National Association of Home Builders: Rising Mortgage Rates Shake Builder Confidence
Homebuilders lost confidence in U.S. housing market conditions in September. September’s index reading was 45 as compared to the expected reading of 49.5 and August’s reading of 50. The combination of rising mortgage rates and high home prices presented obstacles to first-time and … (3 comments)
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housing market: S&P Case-Shiller: Short Supply of Homes for Sale Pushes Prices Up
- 06/29/23 07:45 AM
April readings for S&P Case-Shiller’s Housing Market Indices showed gains in home prices throughout the U.S. Rising prices were caused by shortages of previously-owned homes for sale and increasing buyer demand as the average 30-year mortgage rate exceeded six percent. The southeastern region lost its top spot on S&P Case-Shiller’s 20-City Home Price Index as Chicago, Illinois, Atlanta, Georgia, and Tampa, Florida held the top three year-over-year home price growth rates for April.
Chicago, Illinois Breaks Southeast’s Lead on April Home Price Growth
The top three cities with the highest home price growth rates as reported in April’s S&P Case-Shiller’s 20-City Home … (4 comments)
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housing market: S&P Case-Shiller Home Price Indices: U.S. Home Price Growth in August
- 10/31/22 07:30 AM
U.S home price growth slowed for the second consecutive month in August according to S&P Case-Shiller’s national home price index. National home price growth fell by -9.8 percent year-over-year as compared to July’s year-over-year reading of -5.3 percent. Home price growth slowed by -1.1 percent month-to-month from July to August.
Rising Mortgage Rates and Recession Worries Dampen Homebuyer Interest
The Mortgage Bankers Association forecasted a recession in 2023 and expects mortgage rates to fall to approximately 5.40 percent by the end of 2023. Mike Fratantini, senior vice president and chief economist at the MBA, said: “The upside of [a potential recession] for the … (2 comments)
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housing market: S&P Case-Shiller Home Price Indices: National Home Price Slows in May
- 07/28/22 07:16 AM
U.S. home prices rose in May, but at a slower pace. S&P Case-Shiller’s National Home Price index reported year-over-year home price growth of 19.70 percent in May as compared to April’s record year-over-year home price growth pace of 20.60 percent. Tampa, Florida led the 20-City Index with year-over-year home price growth of 36.1 percent; Miami, Florida followed with year-over-year home price growth of 34.0 percent. Dallas, Texas reported year-over-year home price growth of 30.8 percent.
Minneapolis, Minnesota, Chicago, Illinois, and Washington, D.C. had the lowest rates of home price growth, but no cities in the 20-City Home Price Index reported declines … (2 comments)
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housing market: What's Ahead for Mortgage Rates This Week - June 21, 2022
- 06/21/22 09:23 AM
Last week’s economic news included reporting on home builder confidence in national and regional housing markets, a post-meeting statement from the Federal Reserve’s Federal Open Market Committee, and Fed Chair Jerome Powell’s news conference. The National Association of Home Builders released its national and regional housing market indices. Weekly readings on mortgage rates and jobless claims were also published.
NAHB Housing Market Indices Reflect Slowing Growth in Housing Markets
June readings from the National Association of Home Builders showed slower growth in builder confidence in current and future U.S. housing markets. The NAHB reported the lowest reading in two years for June’s … (2 comments)
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housing market: What Does the Rest of the Year Hold for the Housing Market?
- 05/31/22 07:15 AM
If you’re thinking of buying or selling a house, you’re at an exciting decision point. And anytime you make a big decision like that, one thing you should always consider is timing. So, what does the rest of the year hold for the housing market? Here’s what experts have to say.
The Number of Homes Available for Sale Is Likely To Grow There are early signs housing inventory is starting to grow and experts say that should continue in the months ahead. According to Danielle Hale, Chief Economist at realtor.com:
“The gap between this year’s homes for sale and last year’s is one-fifth the size that it was at … (3 comments)
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housing market: How Buying or Selling a Home Benefits the Economy and Your Community
- 05/25/22 08:37 AM
If you’re thinking of buying or selling a home, chances are you’re focusing on the many extraordinary ways it’ll change your life. But do you know it has a large impact on your community too?
To measure that impact, the National Association of Realtors (NAR) releases a report each year to highlight just how much economic activity a home sale generates. The chart below shows how the sale of both a newly built home and an existing home impact the economy:
As the visual shows, a single home sale can have a significant effect on the overall economy. To dive a level deeper, NAR also provides a detailed … (2 comments)
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housing market: What's Ahead for Mortgage Rates This Week - May 23, 2022
- 05/23/22 06:58 AM
Last week’s economic reporting included readings on sales of previously-owned homes, building permits issued, housing starts, and weekly readings on mortgage rates and jobless claims.
Sales of Previously-Owned Homes Fall in April
The National Association of Realtors® reported 5.61 million sales of previously-owned homes in April; analysts expected 5.64 million sales as compared to the March reading of 5.75 million sales calculated on a seasonally adjusted annual basis. Home sales generally increase in prime spring and summer home-buying seasons, but high gas prices, rising inflation, and economic uncertainty likely sidelined some prospective home buyers. Affordability is an increasing obstacle for first-time … (1 comments)
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housing market: The Number of Foreclosures in Today’s Housing Market
- 05/13/22 09:25 AM
While you may have seen recent stories about the volume of foreclosures today, context is important. During the pandemic, many homeowners were able to pause their mortgage payments using the forbearance program. The goal was to help homeowners financially during the uncertainty created by the health crisis.
When the forbearance program began, many experts were concerned it would result in a wave of foreclosures coming to the market, as there was after the housing crash in 2008. Here’s a look at why the number of foreclosures we’re seeing today is nothing like the last time.
1. There Are Fewer Homeowners in Trouble … (1 comments)
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housing market: Are There More Homes Coming to the Market?
- 05/11/22 07:31 AM
According to a recent survey from the National Association of Realtors (NAR), one of the top challenges buyers face in today’s housing market is finding a home that meets their needs. That’s largely because the inventory of homes for sale is so low today.
If you’re looking to buy a home, you may have noticed this yourself. But there is good news. Recent data shows more sellers are listing their houses this season, which may give you more options for your home search.
Early Signs Inventory May Be Growing The latest data from realtor.com shows the number of listings coming onto the market, known in the industry as “new listings,” has increased since the … (2 comments)
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housing market: Will Home Prices Fall This Year? Here’s What Experts Say
- 05/11/22 07:27 AM
Many people are wondering: will home prices fall this year? Whether you’re a potential homebuyer, seller, or both, the answer to this question matters for you. Let’s break down what’s happening with home prices, where experts say they’re headed, and how this impacts your homeownership goals.
What’s Happening with Home Prices? Home prices have seen 121 consecutive months of year-over-year increases. CoreLogic says:
“Price appreciation averaged 15% for the full year of 2021, up from the 2020 full year average of 6%.”
So why are prices climbing so much? It’s because there are more buyers than there are homes for sale. This imbalance is expected to maintain that upward pressure on home … (1 comments)
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housing market: Case-Shiller, FHFA Post New Records for Home Price Growth
- 04/27/22 10:23 AM
S&P Case-Shiller’s National Home Price Index rose by 19.80 percent year-over-year in February and was the third-largest pace of home price growth since the National Home Price Index’s inception. The 20-City Home Price Index reported that Phoenix, Arizona held its first-place ranking with year-over-year home price growth of 32.90 percent. Tampa, Florida maintained its second-place standing with year-over-year home price growth of 32.60 percent. Miami, Florida reported year-over-year home price growth of 29.70 percent year-over-year. Home prices rose faster for all 20 cities in February than in January.
Rapid Home Price Growth Expected to Slow as Rising Mortgage Rates Take Hold
All … (1 comments)
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housing market: Is It Enough To Offer Asking Price in Today’s Housing Market?
- 04/25/22 07:32 AM
If you’re planning to buy a home this season, you’re probably thinking about what you’ll need to do to get your offer accepted. In previous years, it was common for buyers to try and determine how much less than the asking price they could offer to still get the home. The buyer and seller would then negotiate and typically agree on a revised price that was somewhere between the buyer’s bid and the home’s initial asking price.
In today’s real estate market, buyers shouldn’t shop for a home with the same expectations.
Things Are Different Today Today’s housing market is anything but … (4 comments)
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housing market: On the Fence of Whether or Not To Move This Spring? Consider This.
- 04/18/22 07:57 AM
If you’re thinking of selling your house, it may be because you’ve heard prices are rising, listings are going fast, and sellers are getting multiple offers on their homes. But why are conditions so good for sellers today? And what can you expect when you move? To help answer both of those questions, let’s turn to the data.
Today, there are far more buyers looking for homes than sellers listing their houses. Here are the maps of the latest buyer and seller traffic from the National Association of Realtors (NAR) to help paint the picture of what this looks like:
Notice how much darker the blues are on the left. … (2 comments)
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housing market: How Global Uncertainty Is Impacting Mortgage Rates
- 03/10/22 11:24 AM
If you’re thinking about buying or selling a home, you’ll want to keep a pulse on what’s happening with mortgage rates. Rates have been climbing in recent months, especially since January of this year. And just a few weeks ago, the 30-year fixed mortgage rate from Freddie Mac approached 4% for the first time since May of 2019. But that climb has dropped slightly over the past few weeks (see graph below):
The recent decline in mortgage rates is primarily due to growing uncertainty around geopolitical tensions surrounding Russia and Ukraine. But experts say it’s to be expected.
Here’s a look at how industry leaders are … (2 comments)
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housing market: Are Home Prices Continuing To Rise?
- 03/03/22 10:11 AM
Are Home Prices Continuing To Rise?
Many analysts projected home price appreciation would slow dramatically in the fall of 2021 and then continue to soften throughout 2022. So far, that hasn’t happened. The major price indices are all revealing ongoing double-digit price appreciation. Here’s a look at their reports on year-over-year price appreciation for December:
Federal Housing Finance Agency (FHFA): 17.6% S&P Case-Shiller: 18.8% CoreLogic: 18.5% To show that they’re not seeing signs of softening, here’s a graph that gives the progression of all three indices for each month of 2021.
As the graph above reveals, last year, home price appreciation accelerated … (2 comments)
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housing market: How Supply and Demand Can Impact Your Buying and Selling Goals
- 02/25/22 10:37 AM
In today’s housing market, there are far more buyers looking for homes than sellers listing their houses. Based on the concept of supply and demand, this means home prices will naturally rise. Why is that? When there are more people trying to buy an item than there are making that item available for sale, that drives prices up. And that’s exactly the case in today’s housing market. So, knowing what’s happening with the inventory of homes for sale and the demand for housing is crucial for today’s buyers and sellers.
Nationally, Demand Is High and Supply Is Very Low The latest … (3 comments)
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housing market: Real Estate Voted the Best Investment Eight Years in a Row
- 02/22/22 06:26 AM
In an annual Gallup poll, Americans chose real estate as the best long-term investment. And it’s not the first time it’s topped the list, either. Real estate has been on a winning streak for the past eight years, consistently gaining traction as the best long-term investment (see graph below):
If you’re thinking about purchasing a home this year, this poll should reassure you. Even when inflation is rising like it is today, Americans agree an investment like real estate truly shines.
Why Is Real Estate a Great Investment During Times of High Inflation? With inflation reaching its highest level in 40 years, it’s more important than … (3 comments)
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housing market: What’s Going To Happen with Home Prices This Year?
- 01/13/22 11:04 AM
After almost two years of double-digit increases, many experts thought home price appreciation would decelerate or happen at a slower pace in the last quarter of 2021. However, the latest Home Price Insights Report from CoreLogic indicates while prices may have plateaued, appreciation has definitely not slowed. The following graph shows year-over-year appreciation throughout 2021. December data has not yet been released.
As the graph shows, appreciation has remained steady at around 18% over the last five months.
In addition, the latest S&P Case-Shiller Price Index and the FHFA Price Index show a slight deceleration from the same time last year – it's just not at the level … (3 comments)
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housing market: Expert Insights on the 2022 Housing Market
- 12/29/21 09:55 AM
Expert Insights on the 2022 Housing Market
As we move into 2022, both buyers and sellers are wondering, what’s next? Will there be more homes available to buy? Will prices keep climbing? How high will mortgage rates go? For the answer to those questions and more, we turn to the experts. Here’s a look at what they say we can expect in 2022.
Odeta Kushi, Deputy Chief Economist, First American: “Consensus forecasts put rates at about 3.7% by the end of next year. So, that's still historically low, but certainly higher than they are today.”
Danielle Hale, Chief Economist, realtor.com: … (2 comments)
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Last week’s economic reports included readings on U.S. housing markets, housing starts and building permits, and the scheduled post-meeting statement from the Federal Open Market Committee of the Federal Reserve. Data on sales of previously owned homes were released along with weekly reports on mortgage rates and jobless claims.
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