“There’s a fair amount of demand for lower-priced single-family homes, which in this area means around $400,000 and under,” said Redfin Premier Agent Brynn Rea.
Read More »National Inventory Generally Stunted; Now at 1.5 Months’ Supply
"The inventory situation is unique—we are seeing it differ across the country depending on what area, but demand for housing is still strong. As rates stabilize, consumers' confidence should strengthen, helping boost market activity," says Nick Bailey, President and CEO of RE/MAX LLC.
Read More »Q2 Loan Volume Up, But Losses Continue to Mount
“Volume picked up during the spring homebuying season and additional personnel were shed. However, the substantial cost savings per loan was not enough to put the average net production income in the black,” said Marina Walsh, CMB, MBA’s VP of Industry Analysis.
Read More »New Building Permit Numbers Beats Expectations
“U.S. housing starts in July were at a seasonally adjusted annual rate of 1.452 million, which is 3.9% above the downward revised June estimate of 1.398 million and is 5.9% above the July 2022 rate of 1.371 million,” First American Deputy Chief Economist Odeta Kushi said.
Read More »New Market High: Home Values Rose in 68 of Top 100 Cities
“Tons of homeowners scored an incredible deal during the pandemic: a 3% mortgage rate for the remainder of their 30-year loan … this means buyers who are in the market now are duking it out for a very small pool of homes, preventing home values from plunging,” said Redfin Economics Research Lead Chen Zhao.
Read More »Nominal House Price Growth Ticked Up in July
Boom-bust markets include Phoenix and Austin, Texas. House prices increased 65% from February 2020 to the peak in May of 2022 for both markets, but have since declined by 9.5%
Read More »Share of Homes Valued over $1M Shrinks YoY
“In most of the country, expensive properties that are in good condition and priced fairly are attracting buyers and in some cases bidding wars, mostly because for-sale signs are few and far between right now,” said Redfin Economics Research Lead Chen Zhao.
Read More »Which Markets Defied Q2’s Home Price Bump?
"Just like the weather, large local market variations exist despite the minor change in the national home price," NAR Chief Economist Lawrence Yun said.
Read More »Rate Shopping Could Net Tens of Thousands in Savings
LendingTree found that shopping around for a mortgage could help borrowers across the nation’s largest metros save an average of $84,301 over the lifetime of their loans.
Read More »Trading Rent for a Mortgage Might Backfire in These Metros
On one hand, buying a home and paying a mortgage means owners can build equity and leave an inheritance. However, when adding up monthly mortgage payments, home insurance, and property taxes, many renters could be left feeling like renting is not just the best option, but the only option.
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