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Federal Reserve Chairman Jerome Powell played the Grinch last week for the housingmarket, sending mortgage rates higher after his remarks at the Fed presser on Wednesday. However, we need lower mortgage rates to grow sales in a bigger fashion in 2025. However, this year, mortgage rates rose during this timeframe.
All the housingmarket data for 2024 is in, and its fair to say that the housingmarket surprised us again! However, there are two big trends that stand out as we launch into 2025 affordability and sellers in the market. Homes are already staying on the market 20% longer than a year ago.
Mortgage rates recently hit a year-to-date low, coinciding with ongoing market disruptions from tariffs. The more encouraging story, however, is that the spring season is shaping up positively for the housingmarket. In fact, if mortgage rates head toward 6%, we will have a positive year here.
Earlier this year, when mortgage rates soared to 7.26%, a cloud of worry hung over the housingmarket many feared that home sales would tumble in 2025, fueled by concerns about inflation and tariffs. But when it seemed doom and gloom would prevail, the 10-year yield dropped, pulling mortgage rates lower in a lovely slow dance.
As 2025 draws near, mortgage rates are once again in the news. Zillow anticipates a more active housingmarket with more buyers obtaining the upper hand in 2025. Buying a home in 2024 was surprisingly competitive given how high the affordability hurdle became,” said Skylar Olsen, Zillow Chief Economist. Zillow predicts 4.3
housingmarket slowed down in the third quarter due to rising home prices and higher mortgage rates , investor purchases also ramped down, according to a new report by Redfin. year over year in Q3 2024, representing a small change after four years of fluctuations. billion worth of properties in Q3 2024, up 3.4%
Existing home sales ended the year on a positive note , which aligns with our weekly HousingMarket Tracker data, but something surprising is that home prices firmed up late in the year as well. However, housing demand surged when mortgage rates fell in the early 1980s during a recession. Also, the monthly supply is 3.3
As housing affordability reached its lowest point since 2006, one group stood out in defying market trendssingle women. In 2024, the homeownership rate among single women rose slightly to 51.9%, up from 51.8% Each mortgage payment serves as a form of forced savings, helping homeowners build wealth over time.
ATTOM has released its latest Special HousingMarket Impact Risk Report , a study examining county-level housingmarkets around the U.S. that are more or less vulnerable to declines, based on home affordability, equity, and other measures in the third quarter of 2024. They included four in the Washington, D.C.
Dramatic mortgage rate movements are destined to play a major role in the coming year, according to Zillow ‘s newest forecast , which also calls for declining mortgage rates to be a catalyst for home-sales growth and home-price appreciation in 2025. Zillow says that 2024 will finish with 4.06 million in 2025.
If youre thinking about buying or selling a house and wondering about the housingmarket, youre not the only one. The real estate market has seen a lot of unusual trends in the past couple of years, so it makes sense that youd want the latest market update before you make any major decisions!
The company’s Auction Market Dispatch for third-quarter 2024 included a survey conducted in late September of more than 140 active buyers on the platform. While 45% said current market conditions were not impacting their desire to purchase distressed property, 34% said conditions were detrimental to their decisions.
The stagnant 2024housingmarket is one the real estate industry cant wait to get away from, but not so for the niche luxury market. in the first half of 2024, and the median luxury home price jumped by 14.2%. in the first half of 2024, and the median luxury home price jumped by 14.2%.
It has been almost two months since mortgage rates spiked again, and my initial thought was this would tank housing demand. We had a positive 18-week period with purchase applications before mortgage rates started rising in September. Initially, the data showed more robust performance as mortgage rates approached 6%.
High mortgage rates have not significantly dented housing demand due to greater numbers of cash transactions. According to Bright MLS chief economist Lisa Sturtevant, 2024 marked a 30-year low for pending home sales. However, with mortgage rates rising in December and pushing above 7% in January, buyers and sellers are hesitant.
In 2024, more people moved out of Illinois than into the Prairie State. Despite the frequency of departures, real estate agents in the state say the housingmarket remains strong. On the balance, there are still more buyers with their eye on a purchase than there are houses on the market. as of Jan. a year ago.
ATTOM has released its latest Special Housing Risk Report , spotlighting county-level housingmarkets around the nation that are more or less vulnerable to declines, based on home affordability, equity, and other measures in Q4 2024. HousingMarkets Are Most At-Risk? appeared first on Appraisal Buzz.
Zillow is predicting a more active housingmarket in 2025 , but those hoping to buy — or even refinance — should buckle up for a bumpy ride and be ready to move when conditions are right. Zillow is forecasting that housingmarket activity will pick up in 2025 – but the big wildcard is mortgage rates, which will remain unpredictable.
Home sales in 2024 have been well below historic norms. Higher prices, higher mortgage rates and limited inventory are making for a slow market among buyers and sellers alike. But even investors have purchased fewer homes this year. Investor purchases at the national level peaked in June 2021 at 148,670.
What will the housingmarket look like in 2025? For a more comprehensive look, read our 2025 HousingMarket Forecast covering home prices, home sales volumes and more. Mortgage rates continue to move higher and that’s impacting buyers. Frankly, it feels like the housingmarket is contracting a bit now in November.
Todays housing starts data exceeded estimates; however, a closer examination of the report with the builder confidence reveals that the recent rise in mortgage rates , approaching 7.25%, has negatively affected builder sentiment. Since late 2022, our analysis indicates that mortgage rates in the 6%-6.5% While rates in the 6-6.5%
Weve now been in the post-pandemic housingmarket recession market as long as we were in the pandemic boom. Does the housingmarket start to get back to normal? The number of unsold homes on the market is finally getting closer to 2019 levels. The MBAs mortgage applications data has been surprisingly strong.
Home prices firmed up in today’s existing home sales report , but we caught on to this trend two months ago with our HousingMarket Tracker. Traditionally, home prices soften in the second half of the year and I had counted on this for my price forecast , which predicted 2.33% home-price growth for 2024.
Realtor.com has revealed its Top HousingMarkets for 2025 , highlighting the areas ready for growth in the year ahead. Inventory on the Rise While the nations housing inventory remains a challenge, a recovery is underway, with the number of homes for sale in November notching the highest mark since December 2019.
Sothebys International Realty recently released its 2024 performance report. According to the report, Sothebys did $157 billion in global sales in 2024, and its U.S. According to the report, global expansion was a staple of Sothebys growth strategy in 2024. sales volume increased 9.4% year over year. In the U.S.,
Its late December so all the 2025 mortgage rate forecasts have been published. Most housingmarket analysts expect mortgage rates to spend the year with a 6 handle. The most optimistic predictions assume 2025 will see mostly low 6s for the 30-year fixed rate mortgage. Unfortunately, all of them are already wrong.
The housingmarket got some much needed relief in the fall when mortgage rates began to drop, but it was short lived. Despite two interest rate cuts by the Federal Reserve, mortgage rates rose again and remain stubbornly high. Altos considers anything above 30 to be indicative of a seller’s market.
Another jobs week has come to an end, and amid the chaotic headlines about job numbers, tariffs , and the leadership of the Treasury , mortgage rates remained calm. Better mortgage spreads are limiting how high rates can rise in 2025. Mortgage spreads refer to the difference between the 10-year yield and the 30-year mortgage rate.
Mortgage rates are declining, and recent purchase application data shows a promising 9% week-to-week increase and a 2% rise compared to the previous year. Does this indicate that the housingmarket is beginning to wake up just in time for spring? By early 2024, mortgage rates increased slightly to 6.63%.
housingmarket has shown signs of slowing, demand remains strong in key Midwest and Northeast cities, where homes are selling weeks faster than the national average, according to Realtor.com s Hottest Markets Report for February. There’s just so many people here that are still looking for houses, Bradford said.
Annual property insurance costs for mortgaged single-family homes rose by a record $276 (or 14%) to $2,290 in 2024, per the latest Intercontinental Exchange (ICE) Mortgage Monitor Report released Monday. Locations that saw the largest percentage increases in 2024 were Seattle (+22%), Salt Lake City (+22%) and Los Angeles (+20%).
Since we believe in the close relationship between the 10-year yield and mortgage rates , we expect mortgage rates to decrease tomorrow if bond yields continue to decline. Housing data! What does this mean for housing? Well dive deep into the potential implications for the housingmarket in the coming year.
An analysis by SFR Analytics , which tracks nationwide real estate transactions, found that the threshold to rank among the top 10 buyers in 2024 was nearly 80% lower than it was in 2021, when institutional firms routinely acquired 5000-plus homes annually. Even among active buyers, net acquisitions were low.
The October 2024 results for the S&P CoreLogic Case-Shiller Indices were issued today by the S&P Dow Jones Indices (S&P DJI). In October 2024, the leading indicator of U.S. a modest decrease from the previous 2024 annual gains. An overview of the October 2024 results (Top 10 U.S. last month). Jul-06 134.00
March figures to be a crucial month for gauging consumer interest in the 2025 housingmarket. The pace of home sales remains near a 30-year low point as home prices and mortgage rates keep potential borrowers in wait-and-see mode. But mortgage rates have posted an unusually large decline in the past week.
fell in 2024, continuing a downward trend as real estate investors grapple with tight profit margins. According to Attom s 2024 U.S. The home-flipping industry saw investors shy away even more in 2024 amid the extended period of languishing profits. in 2023 to 72% in 2024. The number of home flips across the U.S.
Mortgage applications increased 11.2% on a seasonally adjusted basis from last week, according to data from the Mortgage Bankers Associations (MBA) weekly mortgage applications survey for the week ending March 7, 2025. The refinance share of mortgage activity increased to 45.6% of total applications from 43.8% from 16.7%
Mortgage rates continued their ascent this week after Fridays jobs report showed that employers added more positions than expected in December, which is likely to cement a pause on interest rate cuts by the Federal Reserve later this month. This is also the highest rate since June 2024. PCE growth stood at 2.4% in November.
metropolitan areas analyzed experienced annualized home-price gains in the fourth quarter of 2024, according to data published Thursday by the National Association of Realtors (NAR). NAR found that 201 of 226 metro areas (89%) saw sale prices for single-family homes rise on a yearly basis in Q4 2024, up from 87% in the prior quarter.
Mortgage affordability remained flat in February as the national median monthly payment for purchase loan applicants remained unchanged at $2,205. By product type, the median mortgage payment for conventional loan applicants was $2,226, up from $2,225 in January and up from $2,194 in February 2024. The national PAPI increased 0.1%
A recent WalletHub report sheds light on mortgage delinquency rates across 100 U.S. Based on data collected between Q1 and Q2 of 2024, WalletHub’s study ranks cities according to the proportion of mortgage holders behind on payments, a critical metric in assessing financial strain within communities. The post Which U.S.
If this happens, will we see lower mortgage rates this spring? Its an intriguing thought, especially considering how this aligns with White House officials’ strategy to boost labor supply, reduce aggregate demand, and potentially drive down the 10-year yield. Now lets look at the rest of the data impacting the housingmarket.
Homebuyers faced worsening affordability conditions in January as the median monthly mortgage payment for purchase applicants increased to $2,205, a 3.7% jump from Decembers $2,127, according to the Mortgage Bankers Association (MBA). in December, signaling that mortgage payments have risen at a faster pace than rental costs.
The top luxury vacation home markets for 2024 have been identified by Pacaso s fourth annual Top Vacation Home Markets Report. By analyzing second home-to-primary house ratios, rate lock growth, and price trends for properties costing more than $700,000, the research identifies the top 20 counties in the U.S.
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