Real Estate

According to the latest market report from ShowingTime, homebuyer foot traffic and in-person showings decreased from September, as rising rates and inventory challenges continue to discourage buyers from purchasing a home.

The House Financial Services Committee will host a hybrid hearing focused on poverty in the nation’s colonias, discussing their housing and community development needs and challenges in these communities.

“The pandemic triggered a great rebalancing of affordability,” said Taylor Marr, Redfin’s Deputy Chief Economist.

Affordability continued to hamper first-time buyers looking to purchase a home during Q3. A new report revealed single-family existing-home sales prices grew in nearly every metro analyzed, with the national median home price climbing nearly 9% from 2021.

After slight relief in mortgage rates last week, the Fed’s sixth rate hike of the year finds the housing market adjusting to rapidly tightening monetary policies, as rates returned north of the 7% mark.

According to a new report by J.D. Power, mortgage lenders are struggling to stand out as demand continues to plummet and rates increase, resulting in higher customer expectations and increased competition.

According to a new market report from TransUnion, Texas has the highest percentage of residents looking to move within state lines. Click through to learn more, including the number-one migration destination for those looking to move out-of-state.

“Mortgage rates may take longer to come down than many have expected, which means housing trends could continue to worsen as the economy adjusts to higher rates,” said Taylor Marr, Redfin’s Deputy Chief Economist.

The Department of Housing & Urban Development encouraged aspiring buyers to “stay ready” during the virtual event and also launched a dedicated webpage to connect people to pathways to homeownership.

As mortgage rates remain in the 7% range, app volume fell slightly this week, with the refinance share of volume hitting a low last seen in August of 2000.