Home prices reached a new peak for the eighth consecutive month in November, according to First American's latest Home Price Index report, which revealed that price appreciation for small, affordable homes for first-time buyers remained strong, with starter home prices growing the fastest in many U.S. markets.
Read More »Existing-Home Sales Recover From Five-Month Drop
The share of existing-home sales ticked up, ending a five-month slide, according to a new report from NAR, while the median existing-home price also jumped in November, marking a fifth consecutive month of year-over-year price increases.
Read More »High Interest Rates Hindering Homebuyer Mobility
While the combination of high home prices and interest rates continues to price many potential buyers out of the market, homebuyer mobility has stalled as a result as well. Riordan Frost, Senior Research Analyst for the Joint Center for Housing Studies, reveals the latest predictions surrounding homeowner mobility and what it would take to recover.
Read More »Purchase Mortgage Apps Jumped in November
First American's latest Potential Home Sales Model revealed mortgage rates declined in November, "igniting cautious optimism in the industry.”
Read More »Pending Home Sales Soar to Highest Levels in a Year
According to a new market report from Redfin, in November, pending sales climbed to their highest level since 2022, while new listings rose, representing the first sign of growth in a year and a half.
Read More »Price Declines Offering Renters Some Relief
U.S. rent prices fell for the seventh consecutive month in November, according to a new Realtor.com report, as rental supply outpaced elevated demand in the West and South. However, Northeastern renters continued to struggle with higher costs.
Read More »Asking Rents Post Biggest Decline in Over 3 Years
“Renters are finally catching a break," said Redfin Chief Economist Daryl Fairweather. "Better deals are easier to come by because landlords are doling out concessions and rents have started falling in a meaningful way. Rising supply also means renters have more good options to choose from."
Read More »Home Buying Power Falls
The path to homeownership is becoming increasingly challenging for Americans nationwide, but how much can potential homebuyers afford to spend on a home in today's market? A new Point2 study showed that the median home price is now twice what the average buyer can afford, posing even more financial barriers for those seeking the American Dream.
Read More »Homeowners Prioritized Maintenance, Home Improvement Spending in 2023
According to Angi's 2023 State of Home Spending report, Americans spent thousands of dollars on home projects this year, with many homeowners choosing to spend more on improvements rather than moving due to elevated housing costs and high mortgage rates.
Read More »Housing Affordability Improves in November as Mortgage Costs Moderate
Zillow's latest housing market report revealed that cooling home values, lower mortgage rates, and easing costs made home purchases more affordable for buyers in November, with sellers offering price cuts in increasing numbers.
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