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Pending home sales fall to their lowest level in two decades

Housing Wire

Historically high rates harmed the housing market in October Annualized existing home sales remained below 4 million in October, the lowest rate since 2010. Meanwhile, new home sales posted a better performance as homebuyers pivoted to new construction amid waning existing home supply. New home sales fell 5.6%

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How Have Recent Immigration Increases Impacted U.S. Housing Costs?

Appraisal Buzz

For instance, from 2010 to 2015, foreign-born householders accounted for 50% of household growth, a period marked by weak native-born household formation following the Great Recession. in April 2020 and reaching a low of 2.65% in January 2021, which boosted housing demand as buyers sought to capitalize on increased purchasing power.

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5 predictions for the 2022 housing market

Housing Wire

Sellers saw a market where their homes sold quickly and often above list price as multiple buyers competed to have the winning bid. . Even with this increase, fixed-rate loans will still be cheaper than they were before the pandemic: In the 2010-2019 decade the interest rate averaged 4.1% for 30-year fixed-rate loans.

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Here’s what you can expect from the 2024 housing market

Housing Wire

The number of home sales in 2023 will likely be at its lowest level since 2010, and while sales activity will pick up in 2024, transactions will still be below average. Consumers will reset their expectations, and as rates move lower, there will be both more buyers and more sellers in the market. In a typical year, there are about 5.2

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Can first-time homebuyers afford homes today?

Housing Wire

Since October of 2022, the share of buyers who are purchasing their home without a mortgage has been more than one quarter of the market. The share is collected monthly in the Realtors Confidence Index and includes buyers who purchased primary homes, vacation homes and investors. One such measure is who is entering the market.

Realtors 459
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Homeowners are staying in place twice as long as they did 20 years ago: Redfin

Housing Wire

were 65 and older as of 2020, up from 13% in 2010,” the report reads. Some young families are turning to new construction, and others are renting homes.” Older generations have an outsized level of influence over the U.S. housing market for multiple reasons, Redfin said.

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New home sales still growing from 2022 lows 

Housing Wire

We have seen a halt to the builder’s confidence data, which is more representative of smaller builders who don’t have the same type of profit margins to pay down rates for their buyers. So the question is: Will higher mortgage rates impact new home sales in the future?

Inventory 514