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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.
All the housing market data for 2024 is in, and its fair to say that the housing market surprised us again! However, there are two big trends that stand out as we launch into 2025 affordability and sellers in the market. In the last few months, the market finally saw some sales growth over the previous year.
Federal Reserve Chairman Jerome Powell played the Grinch last week for the housing market, 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 housing market look like in 2025? For a more comprehensive look, read our 2025 Housing Market Forecast covering home prices, home sales volumes and more. Housing inventory There are now 722,000 unsold single-family homes on the market around the U.S. of the homes on the market.
As the year draws to a close, available unsold inventory of homes on the market is nearly 27% greater than a year ago. Almost every market in the country has more homes available now than at the end of 2023. A few states have more homes on the market now than any time in the last eight to 10 years.
New pending sales are also on the rise, with the 60,000 homes going under contract last week representing a 9% increase from the same week last year and an 11% increase from the same week in 2022. Data from Altos Research shows that higher mortgage rates aren’t necessarily keeping sellers from listing their homes.
housing market is anything but stable right now and residents are feeling it. housing market 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 housing market. ’s job market. more homes on the market than 2024.
Demand for “have-it-all” properties and the “forever dream home” will shape this spring’s luxury housing market, according to the Coldwell Banker Global Luxury 2024 Mid-Year Trend Report , which forecasts growing optimism among affluent consumers and an influx of desirable inventory. of responding specialists agreed. Among specialists, 32.8%
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.
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 housing market. Additionally, our weekly pending contract data and new listings are trending positively compared to last year.
Weve now been in the post-pandemic housing market recession market as long as we were in the pandemic boom. Does the housing market start to get back to normal? The number of unsold homes on the market is finally getting closer to 2019 levels. But, the market change isnt evenly distributed. Two and a half years.
The Consumer Financial Protection Bureau (CFPB) on Tuesday released an advisory opinion stating that contracts for deed are under federal home lending rules and should provide consumer protections. Mancini – who is testifying during a CFPB field hearing on land contracts on Tuesday in St. among subprime loans.
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%
Earlier this year, when mortgage rates soared to 7.26%, a cloud of worry hung over the housing market many feared that home sales would tumble in 2025, fueled by concerns about inflation and tariffs. This unexpected turn of events breathed new life into the market, pushing purchase application data into positive territory for the year.
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. Some markets are much slower than others.
All the dominant trends in the housing market 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. As a result, we’re now only 21% fewer homes on the market than this point in 2019.
As market conditions evolve, homebuyers demand more than just rate quotes and loan approvalsthey seek guidance, financial literacy, and a trusted partner in wealth-building. Understanding todays mortgage market challenges 1. Mortgage professionals who embrace this shift will thrive in the evolving market.
housing market. more homes on the market now than a year ago. By the end of May there were 38% more homes on the market than the year prior. California and Arizona have 45% more homes unsold on the market now than a year ago. Texas only has 31% more homes on the market. There are 28.7% California and Arizona are.
August saw a further slowdown in the lackluster summer market, with home sales reaching a record low since the epidemic began. “We Homes Sitting on the Market for at Least a Month Up from 63.9% on the market last month had been vacant for at least 30 days. Before entering into a contract in August, the average U.S.
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. What Regional Markets Are Gaining Momentum? The areas median sale price increased 5.1% The post How L.A.s
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%
The Market Composite Index, which measures mortgage loan application volume, decreased 6.2% Growing inventories of homes on the market and steadier mortgage rates are supporting homebuying activity thus far this spring. Mortgage applications decreased 6.2% from last week, which marked the first decrease in several weeks.
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As more properties came ontothe market and overall inventory increased for the 17th consecutive month, the U.S. housing market showed signs of a sustained recovery this spring, according to Realtor.com s March Housing Trends Report. Were seeing a market thats rebalancing, offering more choices for shoppers. year-over-year.
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Unlike a lot of forecasters in the mortgage world, a few months ago our projection included the notion that with strong jobs data and some inflation fears, the bond market could indeed push mortgage rates over 7%. Those scenarios are possible, and its going to be fascinating to see how the bond markets react to new administration policies.
Treasury yields continue to be volatile as economic uncertainty dominates markets. 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 housing market despite the uncertain near-term outlook. from 14.5%
To effectively support market condition adjustments in line with recent Fannie Mae guidelines, appraisers can use a variety of market analysis techniques. These methods provide a solid foundation for demonstrating how changing market conditions affect property values over time.
March figures to be a crucial month for gauging consumer interest in the 2025 housing market. The 10-year yield is all over the map this morning, ranging between 4.11% to 4.18% as the stock market sells off more and more money is going into bonds. would been as a sign of stability for a housing market that has been volatile of late.
NAR’s Pending Home Sales Index (PHSI)–a forward-looking indicator of home sales based on contract signings–rose 2% to 77.4 An index of 100 is equal to the level of contract activity in 2001. Rates have been relatively flat over the last few weeks as the market waits for more clarity on specific economic policies. in October.
The checklist covers such broad areas and topics as: organizational structure; litigation; compliance ; intellectual property; real property; financial and tax; labor and employment; material, vendor, and software contracts; insurance; and customers. It is often easy enough to do an initial online search to look for red flags.
Inventory fell There are 635,000 single-family homes unsold on the market now. fewer homes on the market that a week ago. There are 27% more homes on the market now than a year ago. The total number of unsold homes on the market to start 2025 is just 18% fewer than at the start of 2018, seven years ago. Thats only 2.3%
Volatility is becoming the new norm in today’s commercial real estate market. To help investors survive uncertain times, professionals must understand market trends and develop a game plan for success. His words contain valuable knowledge that investors need to thrive in this market. A change is needed.
Market data at HousingWire ‘s Mortgage Rates Center showed an average fixed rate of 6.87% for 30-year conforming loans on Wednesday, a slight increase from the week ending on Dec. MBA data also showed that average contract interest rates across loan types increased during the week.
The hardest position to take in analyzing the housing market is one that is contrarian and bullish. When everyone knows that the housing market 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. The market is different now.
Rising housing inventory levels in 2024 may not be the positive sign of market health that they appear to be. Rising supply is one of the housing market 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.
Stats are the fuel to the fire of the real estate market and will make you exude confidence in conversations with potential clientsmaking them feel confident in hiring you to represent them. This proves your expertise to clients and allows you to provide them with knowledge about the real estate market.
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.
Todays housing market is weird. Some homes are attracting bidding wars like its 2020 again, while others are sitting on the market for weeks with no action, said Desiree Bourgeois, a Redfin Premier Real Estate Agent in Detroit. Historically, it has been common for homes in West Coast markets to sell the fastest.
This situation contrasts with the challenges the market faced in 2023, during the banking crisis when the Federal Reserve was still raising rates. However, this year, mortgage spreads are getting better, meaning that the damage from higher bond yields is getting limited compared to the market of 2023. 26 in Dallas.
As low inventory levels, elevated mortgage rates and rising home prices keep the housing industry stagnant, short-term real estate investors — aka fix-and-flippers — faced market turmoil during the third quarter of 2024. An index score above 50 indicates market expansion, while a score below 50 indicates contraction. ”
Inventory of unsold homes on the market ticked down fractionally this week. We regard this metric, the percentage of homes on the market with price reductions from the original list price, as a leading indicator for future sales prices. of the homes on the market have taken a price cut from the original list price. About 33.1%
real estate market is in and it may surprise you, but pretty much all the signals for housing in 2024 are pointing for growth now. We have more homes going into contract each week now than we did a year ago — supply and demand are climbing together. There are millions of would-be homebuyers who are simply priced out of the market.
Home prices firmed up in today’s existing home sales report , but we caught on to this trend two months ago with our Housing Market 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.
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