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Pending home sales up slightly in September: NAR

Housing Wire

Despite the slight gain, pending contracts remain at historically low levels due to the highest mortgage rates in 20 years,” Lawrence Yun, NAR chief economist said in a statement. For those new construction units, the national median new home price is projected to drop by 5.9% in 2023, reaching an annual rate of 670,000.

Inventory 435
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CoreLogic projects low mortgage rates and high prices into 2023

Housing Wire

over the next three years – nearly a percentage point lower than the average of the 2010-2019 decade. However, Nothaft expects that mortgages originated today, with a contract rate of 3% or lower, are more likely to have a relatively long life and lenders will not see them coming into refinance anytime soon.

Mortgage 518
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The last domino before a recession? Job losses

Housing Wire

From BLS: Below are the areas where the report says jobs were created, and the construction job growth data is encouraging to see. Also, we must be mindful that multifamily construction has been good this year, with rental demand still solid.

Contracts 493
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Housing activity to remain limited by mortgage rates, home prices: Fannie Mae

Housing Wire

million units, declining from its final estimate of total sales in 2022 and marking the slowest annual pace since 2010, according to its Economic and Strategic Research Group. “We trillion, contracting further from an estimated $2.34 Fannie Mae expects total home sales in 2023 to be 4.52 trillion from the previous year.

Mortgage 418
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The Proposed NYC "Pied-A-Terre Tax" Looks Catastrophic to NYC Real Estate

Miller Samuel

A large swath of high-end condo market activity of the past five years are non-primary residences which include pieds-a-terres but most are investor purchases that are subsequently rented after the unit closes when construction was completed. January: The closing of the $238,000,000 Manhattan condo sale in January (2015 contract).

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Appraising Airbnb Properties

Appraisal Today

It’s been on and off the market since 2014, four years after a lengthy construction project there was completed. Most recently, the 2010 build became one of the most expensive homes on the market when it hit the market in early August at the greatly reduced $26 million listing price. And now, the chateau is again up for grabs.

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Expanding Supply, Easing Prices Bring Relief to King County Housing Market

Will Springer Realtor

Meantime, the number of contract listings – known as Pending sales – rose 6.1% The 408 single-family-home sales in Seattle were the fewest for any September since the peak of the Great Recession in 2010 (371). months, the greatest since April 2010 (14.5 After the Fed rate cut, mortgage applications jumped 9% in a week.