Sales of previously owned US homes unexpectedly rose in February and the prior month was revised up, helped by a decline in mortgage rates and modest growth in asking prices. Processing Content Contract closings increased 1.7% to a 4.09 million annualized rate, according to National Association of Realtors data released Tuesday. The pace exceeded nearly […]
Existing-home sales increase as affordability improves Read More »
In the crazy world of economics, with all the drama last week, it was a pretty normal housing week. Housing data showed year-over-year growth, weekly pending home sales rose, inventory declined slightly and mortgage rates were very steady, considering the conflict with Iran. Let’s take a look at probably the calmest sector in the economy
Housing demand is up and inventory is down, even with Iran conflict Read More »
Housing inventory ticked up on an annual basis for the 28th consecutive month in February, but growth continued to flatten, underlining a trend losing momentum. Processing Content Active listings grew 7.9% year over year in February, but just 0.2% month over month, reaching more than 914,000 homes on the market, according to Realtor.com’s monthly housing
Housing inventory recovery slows for ninth straight month Read More »
Spring is right around the corner and mortgage rates are already under 6%, but now we have a new variable: war with Iran. Now the question is whether the conflict in Iran will send rates lower or higher before the seasonal push in housing comes. Last week was already interesting as the 10-year yield closed
Will war with Iran send mortgage rates higher or lower? Read More »
Weekly pending home sales, which had shown year-over-year growth up until the late-January snowstorm, got back on track with year-over-year growth again last week. One thing to remember about our weekly pending sales data: it takes about 30-60 days to be reflected in the existing home sales data, so not only did the snowstorm delay
Weekly pending home sales back to year-over-year growth as we head into spring Read More »
New residential construction in the US rose to a five-month high in December, as homebuilders boosted production to take advantage of lower borrowing costs. Processing Content Housing starts increased 6.2% to an annual pace of 1.4 million homes in December, according to figures released Wednesday by the government, which were delayed by fall’s federal shutdown.
Housing starts rise to five-month high in broad increase Read More »
Institutional investors modestly expanded their share of single-family home purchases in December, complicating President Donald Trump’s call to push large buyers out of the market. Processing Content Large investors, those that own between 100-999 properties, accounted for 3% of all single family-home purchases and mega investors, 1,000 or more properties, totaled a 2.8% share in
Institutional home buyers gained ground in December Read More »
US homebuilders’ confidence slipped again this month, bogged down by persistent worries over affordability and high construction costs. Processing Content An index of market conditions from the National Association of Home Builders and Wells Fargo edged down in February to 36, the lowest level since September. That fell short of all but one estimate in
Homebuilder sentiment dips to 5-month low on affordability Read More »
With mortgage rates near 6% and the snow effect fading away, we got a rebound in the weekly housing demand last week. For me, this is more about the snow impact fading from the data line, as we also saw a pickup in new listings. Housing inventory picked up a smidge, and the year-over-year price
Housing demand snaps back as mortgage rates near 6% Read More »
The Housing for the 21st Century Act — a sweeping housing reform package moving through Congress — is the boldest step yet in a broad federal push to increase housing supply and improve affordability. The legislation directs the U.S. Department of Housing and Urban Development (HUD) to publish “best practices” for states and local governments
What the Housing for the 21st Century Act means for real estate agents, lenders Read More »