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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. Well see another week of inventory contraction this week with New Years mid-week.
A person who describes himself as a contracting officer with the Consumer Financial Protection Bureau (CFPB) filed an affidavit in the U.S. District Court for the District of Columbia , saying that widespread cuts to contracts amount to an event that is likely to disrupt the functioning of the bureau. Doe claims that on Feb.
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. Despite this, we had positive data on existing home sales , purchase applications, and our weekly pending contract figures.
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. Frankly, it feels like the housingmarket is contracting a bit now in November. Find out more here.
In total, there are now nearly 2% more homes in contract nationally than a year ago. Unfortunately, we also had a huge spike in mortgage rates as the chaos of tariffs roiled markets, making U.S. If you need to understand or communicate about this housingmarket, join us. This week, there were 3.8%
housingmarket is anything but stable right now and residents are feeling it. housingmarket using weekly data from Altos, which includes more than 60 different data points on every metro area in the country, to see how employment is changing the housingmarket. ’s job market. housingmarket.
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? Each week has very few sellers, but lower demand means longer time on market and growing inventory of unsold homes. Two and a half years.
Lets look at last weeks data and see if we can tease out the signals for impact on the 2025 housingmarket. Housing inventory It is December, of course, so inventory is falling for the season. There will be fewer homes on the market each week until February or so. Can there be too many homes for sale?
Compared to a month prior, contract signings fell 5.5% An index reading of 100 is equal to the level of contract signings in 2001. After four straight months of gains in contract signings, one step back is not welcome news, but it is not entirely surprising, Lawrence Yun, NARs chief economist, said in a statement. in the West.
Many homeowners kept their homes off the market because they were worried values would diminish, and some house hunters canceled contracts because they were nervous about insurance costs and potential future fires. Wildfires Are Impacting the HousingMarket first appeared on The MortgagePoint. The post How L.A.s
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. Additionally, our weekly pending contract data and new listings are trending positively compared to last year.
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. housingmarket revolves around the direction of the 10-year yield. Only time will tell because, as always for me, the U.S.
New contracts for home purchases are coming in very low this month. Buyer activity has been dropping for several weeks and there are now fewer homes in contract than a year ago. Buyer activity has been dropping for several weeks and there are now fewer homes in contract than a year ago. When will that be? I have no idea.
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. We can track demand faster with our weekly pending contract prints, so it shouldn’t have been a surprise that we had some growth in today’s report. However, that didn’t happen.
We have more homes going into contract each week now than we did a year ago — supply and demand are climbing together. This implies that there are more than enough buyers at these prices and these mortgage rates to keep activity happening in housing. There are now 258,000 single family homes in contract.
All the dominant trends in the housingmarket this year seem like they would indicate home prices declining. With just a few local market exceptions, home prices nationally will finish the year up again and will go into 2025 with some upward momentum. They’re already in contract, so they don’t add to the active inventory.
For this reason, the number of housing units “under construction” is the largest ever recorded in history because they were taking so long to finish. For the builders, they have a new problem: they had homes under contract and then mortgage rates jumped in the biggest fashion ever recorded in history.
increase in the Pending Home Sales Index (PHSI), a measure of future home sales based on contract signings, to 75.8, The amount of contract activity in 2001 is represented by an index of 100. Year-over-year, contract signings grew in the Northeast and West and were unchanged in the Midwest and South. September saw a 7.4%
housingmarket. more homes on the market now than a year ago. Demand is slower so more of the sellers are sitting on the market. There are fewer immediate sales that go directly into contract. I continue to interpret any growth in sellers as a good sign for a healthier housingmarket. There are 28.7%
held up in 2023, sales volume in the housingmarket cratered. The industry is in a deep housing recession this year. If we get lucky with mortgage rates, though, we might just be at the bottom of the housingmarket recession right now. To get the weekly picture of the housingmarket, watch the video above.
Now that Thanksgiving is behind us and December is well under way, we can start looking ahead to the 2024 housingmarket. It’s looking like we’ll end 2023 with higher housing inventory than this time last year. It’s looking like we’ll end 2023 with higher housing inventory than this time last year. housingmarket in 2024.
Watch the weekly housingmarket recap video above to get the latest housingmarket data download from Altos Research. Here are some key housingmarket data takeaways: Inventory peaks for the year There are 567,000 single-family homes on the market, which is unchanged from last week.
While the average contract interest rate for 30-year fixed-rate mortgages decreased to 6.67%, every other loan type saw rates decrease. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances also saw a decrease to 6.68% from 6.83%. The USDA share of total applications decreased to 0.4%
HousingWire’s 2025 HousingMarket Forecast predicts home-price growth of 3.5% In the most recent HousingMarket Tracker , Lead Analyst Logan Mohtashami noted: “Weve witnessed a solid year with purchase application data and our pending home sales contract data has shown year-over-year growth recently.”
I have been part of the mortgage banking industry since 1983 — 39 years to date through different housingmarkets. In many ways it was similar to today, with one exception: When I started, I hadn’t been spoiled by a housingmarket like the one in 2020 and 2021. economy, especially the mortgage and housing sector.
Any sales growth momentum in the real estate market we might have had early in the year is gone. New home sales contracts are coming in pretty consistently fewer than last year — 4.9% Our Immediate sales measure of homes that get listed, take offers and go into contract in a few days is also notably lower than last year.
The purchase market is slower to respond, and the data now is still showing the positive impact of lower rates of recent weeks. Mortgage rates bounced back up over the last couple days, and it demonstrates how fragile this housingmarket recovery could be. This is measuring the total count of homes that are under contract now.
Overall purchase activity has shown year-over-year growth for more than two months as the inventory of existing homes for sale continues to increase, a positive development for the housingmarket despite the uncertain near-term outlook. The average contract interest rate for 5/1 ARMs increased to 6.04% from 5.89%. from 14.5%
March figures to be a crucial month for gauging consumer interest in the 2025 housingmarket. would been as a sign of stability for a housingmarket that has been volatile of late. 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.
This article is part of our 2022 – 2023 HousingMarket Forecast series. Bringing together some of the top economists and researchers in housing, the event will provide an in-depth look at the top predictions for this year, along with a roundtable discussion on how these insights apply to your business.
If we look at the housingmarket right now, sales are down, new listings are down and prices are decelerating. Good inflation data came in last week, the bond market rallied and mortgage rates took a notable dip below 7% for the first time in months. If so, how should we expect the housingmarket to react?
Does this indicate that the housingmarket is beginning to wake up just in time for spring? I’ve noticed that housing data tends to improve when mortgage rates drop from 6.64% to 6%, especially when I adjust for seasonal demand. So while the data is better than last year, context is key. Weekly inventory change (Feb.
NAR’s Pending Homes Sales Index (PHSI) report is a forward-looking source that predicts home sales based on contract signings. But Sturtevant also highlighted economic turmoil as a risk due to potentially higher inflation rates and labor market issues. Housingmarket activity ramped up in November and December.
This is precisely what the doctor ordered for the housingmarket. In March of 2022, we only had 240,000 active single-family homes available for sale, leading me to call the housingmarket savagely unhealthy as we simply had too many people chasing too few homes. Last week, we returned close to recent lows.
Marty Green thinks of the housingmarket in 2022 as two very different movies. ” Houses were selling at a fever pitch in a matter of days, with multiple offers, waived contingencies and buyers paying $100,000(!) But the housingmarket in the second half of 2022? over asking price. High octane stuff.
The hardest position to take in analyzing the housingmarket is one that is contrarian and bullish. When everyone knows that the housingmarket is sluggish and weak, but the data shows surprising strength. This week, we count 14% more homes in the contract pending stage now than a year ago.
There are three big trends in the spring 2025 housingmarket: Supply continues to build. There are 358,000 single-family homes in contract right now, and they are priced only 50 basis points above last year at this time. These are negative macro forces that the housingmarket hasnt had in 15 years. Thats up 1.1%
Weekly pending sales The Altos Research weekly pending contract data provides insights into real-time demand. Even today, the pending contract data remains resilient despite higher home prices and mortgage rates than last year. Last week saw 2% week-to-week growth but was down 1% year over year.
The housingmarket in Washington D.C. Sweeping cuts by Elon Musks DOGE agency have sent many government employees packing, while other staff need to find housing in the area to comply with return-to-work mandates. housingmarket. housingmarket over the next few months. housingmarket.
We will keep a close eye on the data in February and we will be discussing this and other housing economic topics at our big Housing Economic Summit Feb. Weekly pending sales The latest weekly pending contract data from Altos Research offers valuable insights into current trends in housing demand. 26 in Dallas.
As more properties came ontothe market and overall inventory increased for the 17th consecutive month, the U.S. housingmarket showed signs of a sustained recovery this spring, according to Realtor.com s March Housing Trends Report. more unsold properties overall, including those under contract. year-over-year.
Housingmarket forecasters projected home prices to rise in 2025 because of limited inventory and the release of pent-up demand as mortgage rates moderate off their highs of the last few years. Total sales contracts pending are currently down 3.5% However, recent data suggests home prices are trending in the other direction.
Rising supply is one of the housingmarket highlights of 2024, according to HousingWire Lead Analyst Logan Mohtashami , who said that housing inventory is approaching levels seen in 2019 before the COVID-19 pandemic. .” The homes that went under contract took 43 days to do so the slowest pace since 2019.
Over time, our job at HousingWire will be to help everyone understand the market and financial impact that we can measure. Lets look at this weeks housingmarket data: Inventory dips Total inventory dipped this week to 624,000 single-family homes on the market. That was 3% fewer than the same week a year ago.
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