Volumes

By conservative estimates, up to 1 million multifamily homes are in the pipeline to be completed soon, giving those who are locked-out of the purchase market other options to live.

“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.

After seven straight months of positive sentiment in builder confidence, mortgage rates exceeding the 7% mark, as well as high shelter inflation, have eroded housing affordability and put a damper on consumer demand.

With more than 30 years of industry experience, the company’s new Division EVP/National Production Manager will be responsible for all distributive retail sales in 115 nationwide mortgage centers across 43 states.

“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.

Not since spring of 2002 have fixed-rate mortgages been as high as they were reported this week, and when combined with mortgage app volume sliding for the fourth straight week, affordability headwinds continue to impact housing demand.

“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.

Matt Stepanovich of SingleSource Property Solutions discusses big data’s role in standardizing property valuations and the future of appraisal modernization.

“Applications for purchase loans on newly constructed homes remained strong in July, up 36% annually, as new homes continued to account for a growing share of homes available for sale,” said Joel Kan, MBA’s VP and Deputy Chief Economist.

Typically, teachers can only afford a few homes near their home school, a number which keeps dwindling as time goes on, according to the latest data from Redfin.