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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.
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. More inventory should shake loose in 2025, giving buyers a bit more room to breathe.” This means that buyers have the upper hand in negotiations.
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. Statewide, the housingmarket has a 90-day average Altos Market Action Index score of 44.18
The COVID-19 pandemic turned a number of nontraditional cities into housingmarket hotspots. While some of those markets have since seen a reversal of fortunes, 2025 may bring a few more surprises. Locked-in mortgages have been widely credited with cutting off housing inventory.
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!
Despite rising mortgage rates through much of 2024, recent indications show growing boldness among homebuyers heading into the new year. These increases are persisting despite mortgage rates near 7%. ” Housing industry experts attribute the recent increases in pending home sales to a shift in buyer attitudes about mortgage rates.
Homebuyers have become older and wealthier Young people are having a particularly hard time in the housingmarket. The median buyer is now 56 years old, up from 49 in 2023. Register today to attend the Housing Economic Summit in Dallas, on Feb. According to a recent NAR survey, homebuyers are older than they used to be.
Realtor.com has revealed its Top HousingMarkets for 2025 , highlighting the areas ready for growth in the year ahead. Sun Belt Boom Realtor.coms top 10 are all located in the South and West, with multiple markets from three statesTexas, Florida, and Virginia. of their income on housinghigher than the national average of 29.2%.
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.
Despite 2025 housingmarket predictions changing fast , there are still key themes and trends for real estate leaders to watch to best serve their clients and business. HW: What housing trends do you think will continue in 2025 and why? If we start to see them enter the market, it will be encouraging.
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. More inventory should shake loose in 2025, giving buyers a bit more room to breathe. For existing home sales, Zillow forecasts 4.3
The stagnant 2024 housingmarket is one the real estate industry cant wait to get away from, but not so for the niche luxury market. Elevated mortgage rates have stymied the broader housingmarket in 2024, but the luxury segment is somewhat insulated from that because wealthy buyers are less likely to need a mortgage.
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. Find out more here.
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. “There’s a strong sense of dj vu on tap for 2025.
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.
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.
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.
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.
Higher prices, higher mortgage rates and limited inventory are making for a slow market among buyers and sellers alike. Real estate investors tend to be more insulated from these dynamics, particularly from mortgage rates, as they are more likely to buy properties with cash.
However, if home prices hadn’t skyrocketed alongside mortgage rates , we would have more younger homebuyers entering the market and we would have a slightly higher homeownership rate than todays 65.7% Additionally, a staggering 10 million plus homeowners struggled with mortgage delinquencies.
The American Dream has long been considered one of the pinnacles of success, and owning a home remains a popular and important aspiration for tens of millions of Americansregardless of whether they are renting, living with relatives or friends, or surviving in some other housing situation.
According to a recent Zillow poll, nearly half of recent homebuyers who obtained a mortgage did so at a rate lower than 5%. Even though mortgage rates are currently close to 7%, many purchasers who bought a home within the last year used unconventional thinking to become homeowners.
While the current focus is rightfully on containing the blazes and protecting residents, its worth taking stock of where housingmarkets stand in the affected parts of the Los Angeles metro area. Data from Altos Research shows an area with expensive housing, rising inventory and conditions that lean favorable to sellers.
In a challenging and expensive housingmarket , some prospective homebuyers may compromise on certain standards and features to secure their purchase. But survey data released Thursday by Bright MLS found that some standards were top priorities for some buyers. More specifically, 56.1% More specifically, 56.1% Another 37.8%
From rates bordering the 7% range, to record high home prices, many home buyers are sitting on the sidelines waiting for a seismic change to hit the U.S. housingmarket. New data from LendingTree shows that among those active in the market last year, first-time buyers received a larger share of offers than those who already own.
Buyer activity has been dropping for several weeks and there are now fewer homes in contract than a year ago. This housingmarket is on hold until mortgage rates come down. We knew that mortgage rates over 7% were possible for the year, and here we are. Those sales gains have evaporated and even reversed.
The destinations on this years list really capture the breadth of the luxury vacation home market, said Austin Allison, CEO and Co-Founder of Pacaso. As 2024 comes to an end, mortgage rates are starting to ease, home purchase applications have hit their highest levels since January, and growing inventory is helping drive more transactions.
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.
High mortgage rates have not significantly dented housing demand due to greater numbers of cash transactions. Pending sales activity had been higher in October and November, and there was some growing optimism that the 2025 housingmarket could start out strong. Economic data never moves in a straight line. in the West.
High mortgage rates and high home prices combined with economic uncertainty are causing some would-be buyers to change their minds. Increasing inventory and reduced demand has tilted the housingmarket in buyers favor in recent months. Some buyers are getting cold feet with everything going on in the world.
High interest rates and home prices are causing some prospective homebuyers to avoid applying for a mortgage. But despite this trend, some buyers are willing to adjust their loan term expectations to achieve homeownership, according to a recent report by real estate technology company REsimpli.
But that only represents part of how consumers feel about market conditions. Higher mortgage rates and home prices are still keeping many buyers and sellers away from the market, according to Fannie Mae. The portion of respondents who expect rates to increase ramped up, growing from 25% to 32%.
Expensive mortgages, rents and other housing expenses are already challenging for many Americans. The report from the Seattle-based real estate brokerage highlighted household capabilities for handling mortgage and rent payments. Meanwhile, homebuyer affordability improved slightly at the end of last year.
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. in Q1 2022, when investors were taking advantage of low mortgage rates. As the U.S. Now there’s a middle ground. and 23.9%, respectively.
The deal is indicative of how details matter in a market like Denver where home-price growth has slowed dramatically after a surge in post-pandemic migration to the metro area caused valuations to rise sharply in a short period of time. If homes are priced appropriately and marketed well, buyers will make offers. year over year.
Timing is crucial in a difficult real estate market, and this year, the Realtor.com Best Time to Sell study indicates that the best time for sellers to discover the best balance of market circumstances is between April 13 and April 19. Demand may increase more quickly and forcefully if mortgage rates decline this spring as well.
Economists pointed to lower mortgage rates as the reason for slower growth. Despite the Federal Reserve’s half-point interest rate cut in September, rates for 30-year conforming loans have climbed back up to 6.7%, according to HousingWire ’s Mortgage Rates Center. gain year over year, less than the 4.8% gain from July.
There are obviously fewer buyers who can afford these prices. Mortgage rates are a big variable here. In 2024, we saw a notable increase in buyer demand when mortgage rates got close to 6%. housingmarket. more homes on the market now than a year ago. Texas only has 31% more homes on the market.
Employment data for October is set to be released Friday, and it will go a long way in determining the path for mortgage rates, which have surged upward in the past month. At HousingWire’s Mortgage Rates Center on Tuesday, the average rate for 30-year conforming loans was 6.72%. The monthly payment on the median-priced U.S.
In a housingmarket shaped by uncertainty, military veterans and service members are emerging as some of the most confident and prepared homebuyers, outpacing their civilian counterparts. This was driven by optimism about the housingmarket and economy. But with mortgage rates climbing back above 6.5%
New home sales continue to be a bright spot in a dismal housingmarket. Census Bureau and Department of Housing and Urban Development shows new-home sales registering at a seasonally adjusted annual rate of 698,000, good for a 6.7% The December report from the U.S. rise year over year and 3.6% higher than November.
A large majority of homeowners (88%) have concerns about selling their homes, with financial uncertainty and housingmarket conditions ranking among their top fears, according to a recent survey by Clever Real Estate. Among those with mortgages, 47% reported having locked in an interest rate below 4%.
As buyers become serious about property looking before their summer vacation and the start of the new school year in the fall, search traffic usually peaks before Memorial Day. Sellers can list their house when the most buyers are seeking by focusing on late spring. Homes listed in the final two weeks of May sold for 1.6%
If 2024 was a rollercoaster, 2025 is shaping up to be a championship gameand every buyer , seller and homeowner has a shot at winning big. After a year filled with rate swings, unpredictable markets and a bit of drama (thank you, inflation), the real estate world is ready for a fresh start. Pro tip: Todays market is buyer friendly.
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